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The Census and Statistics Department (C&SD) released today (November 20) the Consumer Price Index (CPI) figures for October 2009. According to the Composite CPI, overall consumer prices rose by 2.2% in October 2009 over the same month a year earlier, larger than that in September 2009 (0.5%). 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 October 2009 was -0.3%, same as that in September. The larger year-on-year rate of change in the Composite CPI in October (2.2%) was mainly due to the low base of comparison resulted from the Government's payment of public housing rentals in October last year.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from August to October 2009 was 0.4%, which compared to -0.3% for the 3-month period from July to September 2009. 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 August to October 2009 was 0.1%, and that for the 3-month period from July to September 2009 was virtually nil.
Analysed by sub-index, the year-on-year rates of increase in the headline CPI(A), CPI(B) and CPI(C) were 5.2%, 1.3% and 0.1% respectively in October 2009, which compared to 0.8%, 0.5% and 0.1% respectively in September. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of change in the underlying CPI(A), CPI(B) and CPI(C) were -0.2%, -0.3% and -0.4% respectively in October 2009, which compared to -0.1%, -0.2% and -0.5% respectively in September. 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 August to October 2009, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.4%. The corresponding rates of change for the 3-month period from July to September 2009 were -1.1%, virtually nil and 0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of change in the seasonally adjusted underlying CPI(A), CPI(B) and CPI(C) for the 3-month period from August to October 2009 were 0.1%, 0.1% and 0.2% respectively, and the corresponding rates of change for the 3-month period from July to September 2009 were virtually nil, virtually nil and 0.1% respectively.
Amongst the various CPI components, larger year-on-year increases in prices were recorded in October 2009 for electricity, gas and water (26.7% in the Composite CPI and 26.6% in the CPI(A)), mainly because some households had used up the full amount of Government's one-off electricity charge subsidy. Increases were also recorded for alcoholic drinks and tobacco (22.1% in the Composite CPI and 25.3% in the CPI(A)); housing (6.1% in the Composite CPI and 15.7% in the CPI(A)); clothing and footwear (4.7% in the Composite CPI and 4.2% in the CPI(A)); miscellaneous goods (1.3% in the Composite CPI and 1.4% in the CPI(A)) and meals bought away from home (0.7% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year declines in prices were recorded in October 2009 for durable goods (-2.8% in the Composite CPI and -3.0% in the CPI(A)), food (excluding meals bought away from home) (-2.3% in the Composite CPI and -2.6% in the CPI(A)), transport (-2.0% in the Composite CPI and -0.3% in the CPI(A)) and miscellaneous services (-1.2% in the Composite CPI and -0.5% in the CPI(A)).
Taking the first ten months of 2009 together, the Composite CPI rose by 0.4% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 0.2%, 0.5% and 0.6%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.2%, 1.1%, 1.2% and 1.1% respectively in the first ten months of 2009 over a year earlier.
For the 3 months ended October 2009, the Composite CPI rose by 0.4% over a year earlier. The corresponding changes in the CPI(A), CPI(B) and CPI(C) were 1.2%, 0.1% and -0.3%. The corresponding rates of change after netting out the effects of all Government's one-off relief measures were -0.3%, -0.1%, -0.2% and -0.4% respectively.
For the 12 months ended October 2009, the Composite CPI was on average 0.8% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 0.4%, 0.9% and 1.0%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.8%, 1.8% and 1.7% respectively.
Commentary
A government spokesman says that the notable increase in the headline consumer price inflation in October in year-on-year terms was due mainly to the low base created in the same month last year by the Government's payment of public housing rentals and the electricity charge subsidy. Netting the effects of these one-off measures, the underlying inflation rate remained slightly negative in October as both local and external price pressures were virtually absent.
The spokesman adds that the recent rather stable movements of the underlying Composite CPI on a seasonally adjusted basis tend to suggest that deflationary pressures should be rather contained going forward.
Further information
The CPIs and year-on-year rates of change at section level for October 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 October 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/Friday, November 20, 2009
Issued at HKT 16:31
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