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Contents of press release
The Census and Statistics Department (C&SD) released today (September 23) the Consumer Price Index (CPI) figures for August 2005. According to the Composite CPI, overall consumer prices rose by 1.4% in August 2005 over a year earlier, slightly larger than the 1.3% increase in July.
2. The slightly larger year-on-year increase in the Composite CPI in August 2005 than in July 2005 was mainly attributable to the enlarged increases in the private housing rentals as well as the prices of jewellery. Also contributed was the reduced decline in the prices of poultry.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(B) and CPI(C) rose by 1.4% and 1.5% respectively in August 2005, also larger than the corresponding increases of 1.3% and 1.3% in July. Meanwhile, the CPI(A) rose by 1.3% in August 2005, same as the increase in July.
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 August 2005, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.1%. The corresponding rates of increase for the 3-month period ended July 2005 were all 0.2%.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in August 2005 for food (excluding meals bought away from home) (3.4% in the Composite CPI and 3.6% in the CPI(A)), miscellaneous goods (2.9% in the Composite CPI and 1.8% in the CPI(A)), electricity, gas and water (2.5% in the Composite CPI and 2.4% in the CPI(A)), transport (2.4% in the Composite CPI and 1.9% in the CPI(A)), clothing and footwear (1.4% in the Composite CPI and 1.6% in the CPI(A)), meals bought away from home (1.1% in the Composite CPI and 1.4% in the CPI(A)) and housing (1.0% in the Composite CPI and 0.8% in the CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in August 2005 for durable goods (-1.9% in the Composite CPI and -1.6% in the CPI(A)) and alcoholic drinks and tobacco (-0.1% in both the Composite CPI and CPI(A)).
7. As to miscellaneous services, the costs rose by 0.6% in the Composite CPI but fell by 0.5% in the CPI(A).
8. Taking the first eight months of 2005 together, the Composite CPI rose by 0.8% from a year earlier. Concurrently, the CPI(A), CPI(B) and CPI(C) rose by 1.0%, 0.8% and 0.6% respectively.
9. For the 3 months ended August 2005, the Composite CPI rose by 1.3% from a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 1.3% and 1.3%.
10. For the 12 months ended August 2005, the Composite CPI was on average 0.6% higher than in the preceding 12-month period. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 0.9%, 0.6% and 0.4%.
Commentary
11. A government spokesman noted that consumer price inflation edged up slightly further in August, essentially a continuation of the climb-up process since the beginning of this year in tandem with the full-fledged economic recovery. Looking ahead, consumer price inflation is expected to move up further, along with the gradual rise-back in unit labour and rental costs, and with higher oil prices feeding through further to the retail level. Yet still, overall inflation pressure is likely to remain relatively modest through to the year-end.
Further information
12. Further details are shown in Tables 1 and 2. The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1.
13. The August 2005 issue of the Monthly Report on the Consumer Price Index is now on sale at HK$37 per issue. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). 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).
14. 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, September 23, 2005
Issued at HKT 16:15
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