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The Census and Statistics Department (C&SD) released today (November 22) the Consumer Price Index (CPI) figures for October 2005. According to the Composite CPI, overall consumer prices rose by 1.8% in October 2005 over a year earlier, larger than the 1.6% increase in September.
2. The larger year-on-year increase in the Composite CPI in October 2005 than in September 2005 was mainly attributable to the enlarged increases in private housing rentals as well as the prices of fresh vegetables.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.9% and 1.9% respectively in October 2005, also larger than the corresponding increases of 1.5%, 1.7% and 1.7% in September.
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 October 2005, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.2%. The corresponding rates of change for the 3-month period ended September 2005 were 0.1%, virtually nil, 0.1% and 0.1%.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in October 2005 for electricity, gas and water (5.0% in the Composite CPI and 4.9% in the CPI(A)), miscellaneous goods (3.1% in the Composite CPI and 1.7% in the CPI(A)), food (excluding meals bought away from home) (2.7% in the Composite CPI and 3.0% in the CPI(A)), housing (2.2% in the Composite CPI and 1.8% in the CPI(A)), transport (2.0% in the Composite CPI and 1.7% in the CPI(A)), miscellaneous services (1.6% in the Composite CPI and 0.7% in the CPI(A)), clothing and footwear (1.4% in the Composite CPI and 1.1% in the CPI(A)), meals bought away from home (1.1% in the Composite CPI and 1.4% in the CPI(A)) and alcoholic drinks and tobacco (0.3% in both the Composite CPI and CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in October 2005 for durable goods (-1.8% in the Composite CPI and -1.5% in the CPI(A)).
7. Taking the first ten months of 2005 together, the Composite CPI rose by 1.0% from a year earlier. Concurrently, the CPI(A), CPI(B) and CPI(C) rose by 1.1%, 1.0% and 0.8% respectively.
8. For the 3 months ended October 2005, the Composite CPI rose by 1.6% from a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.7% and 1.7%.
9. For the 12 months ended October 2005, the Composite CPI was on average 0.8% higher than in the preceding 12-month period. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.0%, 0.9% and 0.7%.
Commentary
10. A Government Secretariat spokesman noted that consumer price inflation picked up slightly further in October. This essentially is a manifestation of a reflation process, as local costs rise in tandem with the economic upturn. Overall inflationary pressures are actually still very modest, when seen in conjunction with the concurrent robust pace of economic expansion. Also, continued expansion in production capacity brought about by rising productivity, coupled with the recent strengthening of the US dollar and the ease-back in oil prices, will help contain the cost pressures in the economy to a certain extent.
Further information
11. 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.
12. The October 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.censtatd.gov.hk/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).
13. 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/Tuesday, November 22, 2005
Issued at HKT 16:15
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