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Contents of press release
The Census and Statistics Department (C&SD) released today (January 21) the Consumer Price Index (CPI) figures for December 2004. According to the Composite CPI, overall consumer prices rose by 0.2% in December 2004 from a year earlier, same as the increase in November.
2. Comparing December with November 2004, there was a moderated year-on-year decline in private housing rentals, together with enlarged increases in the charges for package tours and prices of women's footwear. On the other hand, there were reduced increases in the prices of fresh fruit and costs for meals bought away from home. Also relevant was the dissipation of the low base effect brought about by the waiver of water and sewage charges implemented in August-November 2003.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(A) rose by 0.5% in December 2004, slightly smaller than the corresponding increase of 0.6% in November. The increase in the CPI(B) in December 2004 was the same as that in November, at 0.2%. Meanwhile, the CPI(C) decreased by 0.1% in December 2004, smaller than the corresponding decrease of 0.2% in November.
4. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. For the 3-month period ended December 2004, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.1%, same as those for the 3-month period ended November 2004.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in December 2004 for clothing and footwear (4.3% in the Composite CPI and 5.2% in the CPI(A)), electricity, gas and water (4.1% in both the Composite CPI and CPI(A)), food (excluding meals bought away from home) (3.6% in both the Composite CPI and CPI(A)), miscellaneous goods (2.1% in the Composite CPI and 1.2% in the CPI(A)), miscellaneous services (1.7% in both the Composite CPI and CPI(A)), transport (0.9% in the Composite CPI and 0.7% in the CPI(A)), and meals bought away from home (0.4% in the Composite CPI and 0.6% in the CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in December 2004 for housing (-3.4% in the Composite CPI and -2.9% in the CPI(A)), durable goods (-1.8% in the Composite CPI and -1.3% in the CPI(A)), and alcoholic drinks and tobacco (-0.2% in both the Composite CPI and CPI(A)).
7. In the fourth quarter of 2004, the Composite CPI rose by 0.2% over a year earlier. The corresponding rates of change in the CPI(A), CPI(B) and CPI(C) were 0.5%, 0.2% and -0.1%.
8. For 2004 as a whole, the Composite CPI was on average 0.4% lower than in the preceding 12-month period. The respective changes in the CPI(A), CPI(B) and CPI(C) were virtually nil, -0.5%, and -0.9%.
Commentary
9. A government spokesman said that the Composite CPI continued to register mild increase, both on a year-on-year and month-to-month basis, in December 2004. This suggested that overall consumer price inflation remained modest. The mild consumer price inflation is expected to continue amidst the continued strength of the economy and firming up in retained import prices caused by the earlier weakness of the US dollar.
Further information
10. Further details are shown in Table 1 (text version of table 1) and Table 2 (text version of table 2) . The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1 (text version of chart 1) .
11. The December 2004 issue of the Monthly Report on the Consumer Price Index is now available, in both print version and download version (in PDF format), for sale at HK$34 and HK$25.5 respectively. It can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.info.gov.hk/censtatd/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F, Wanchai Tower, 12 Harbour Road, Wan Chai. Tel: 2582 3025).
12. For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Friday, January 21, 2005
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