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The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2009. According to the Composite CPI, overall consumer prices rose by 0.5% in September 2009 over a year earlier, which compared to -1.6% in August 2009. The year-on-year rates of change in the CPIs increased significantly in September because some households had used up the full amount of Government's one-off electricity charge subsidy. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of change (i.e. the underlying rate of change) in the Composite CPI in September 2009 was -0.3%, same as that in August.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from July to September 2009 was -0.3%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of change in the underlying Composite CPI for the 3-month period from July to September 2009 was virtually nil, and the corresponding rate of change for the 3-month period from June to August 2009 was -0.1%.
Analysed by sub-index, the year-on-year rates of change in the headline CPI(A), CPI(B) and CPI(C) were 0.8%, 0.5% and 0.1% respectively in September 2009, which compared to -2.4%, -1.5% and -1.0% respectively in August. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of change in the CPI(A), CPI(B) and CPI(C) were -0.1%, -0.2% and -0.5% respectively in September 2009, which compared to -0.2%, -0.3% and -0.4% respectively in August. The larger difference between the change in headline and underlying CPI(A) reflected that Government's one-off relief measures had larger impacts on the lower expenditure households.
On a seasonally adjusted basis, for the 3-month period from July to September 2009, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were -1.1%, virtually nil and 0.3% respectively. The corresponding rates of change for the 3-month period from June to August 2009 were -1.6%, -0.4% and virtually nil. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from July to September 2009 were virtually nil, virtually nil and 0.1% respectively, and the corresponding rates of change for the 3-month period from June to August 2009 were -0.1%, -0.1% and virtually nil respectively.
Amongst the various CPI components, year-on-year increase in prices were recorded in September 2009 for electricity, gas and water (23.4% in the Composite CPI and 23.2% in the CPI(A)); alcoholic drinks and tobacco (23.0% in the Composite CPI and 25.9% in the CPI(A)); clothing and footwear (4.5% in the Composite CPI and 4.2% in the CPI(A)); miscellaneous goods (1.5% in the Composite CPI and 1.6% in the CPI(A)); housing (0.7% in the Composite CPI and 0.1% in the CPI(A)) and meals bought away from home (0.6% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year declines in prices were recorded in September 2009 for durable goods (-3.0% in the Composite CPI and -3.5% in the CPI(A)); transport (-2.3% in the Composite CPI and -0.6% in the CPI(A)); food (excluding meals bought away from home) (-2.0% in the Composite CPI and -2.3% in the CPI(A)) and miscellaneous services (-1.4% in the Composite CPI and -0.5% in the CPI(A)).
Taking the first nine months of 2009 together, the Composite CPI rose by 0.2% over a year earlier. The corresponding change in the CPI(A), CPI(B) and CPI(C) were -0.4%, 0.4% and 0.7%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.3%, 1.2%, 1.4% and 1.3% respectively in the first nine months of 2009 over a year earlier.
In the third quarter of 2009, the Composite CPI fell by 0.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) fell by 1.3%, 0.8% and 0.7% respectively. The corresponding decreases after netting out the effects of all Government's one-off relief measures were 0.3%, 0.2%, 0.2% and 0.4% respectively.
For the 12 months ended September 2009, the Composite CPI was on average 0.8% higher than in the preceding 12-month period. The corresponding change in the CPI(A), CPI(B) and CPI(C) were -0.1%, 1.0% and 1.4%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.3%, 2.3%, 2.4% and 2.2% respectively.
Commentary
A Government spokesman says that the headline consumer price inflation reverted to positive as the effects of the Government's subsidy on electricity charges began to fade out. Netting out the effects of the one-off measures, the underlying inflation rate remained slightly negative as local cost pressures were contained and imported inflation was virtually absent. The spokesman adds that the upward pressure on consumer prices should remain weak in the coming months.
Further information
The CPIs and year-on-year rates of change at section level for September 2009 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of one-off measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The corresponding time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1.
More detailed CPI data (including year-on-year comparison, month-to-month comparison and seasonally adjusted data series) are available in the monthly reports. Users can download the September 2009 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/prices_household_expenditure/index.jsp). Print version of this publication is available for sale at HK$52 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Thursday, October 22, 2009
Issued at HKT 16:30
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