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The Census and Statistics Department (C&SD) released today (April 22) the Consumer Price Index (CPI) figures for March 2010. According to the Composite CPI, overall consumer prices rose by 2.0% in March 2010 over the same month a year earlier, slightly larger than the average rate of increase in January and February (1.9%). Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in March 2010 was 0.8%, same as the average rate of increase in January and February 2010.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from January to March 2010 was 0.3%, which compared to 0.4% for the 3-month period from December 2009 to February 2010. Netting out the effects of all Government's one-off relief measures, the average monthly rate of change in the Composite CPI for the 3-month period from January to March 2010 was 0.2%, and that for the 3-month period from December 2009 to February 2010 was 0.3%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.5%, 1.9% and 1.5% respectively in March 2010, which compared to the average rates of increase of 2.6%, 1.9% and 1.3% respectively in January and February 2010. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were all 0.8% in March 2010, which compared to the average rates of increase of 1.0%, 0.8% and 0.6% respectively in January and February.
On a seasonally adjusted basis, for the 3-month period from January to March 2010, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.4%, 0.3% and 0.2% respectively. The corresponding rates of change for the 3-month period from December 2009 to February 2010 were 0.6%, 0.4% and 0.3%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from January to March 2010 were all 0.2%, and for the 3-month period from December 2009 to February 2010 were 0.4%, 0.3% and 0.3% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in March 2010 for electricity, gas and water (63.7% in the Composite CPI and 74.7% in the CPI(A), mainly because some households had used up the full amount of Government's one-off electricity charge subsidy); miscellaneous goods (2.0% in both the Composite CPI and CPI(A)); food (excluding meals bought away from home) (1.7% in the Composite CPI and 1.4% in the CPI(A)); transport (1.6% in the Composite CPI and 0.8% in the CPI(A)); meals bought away from home (1.0% in the Composite CPI and 1.2% in the CPI(A)); miscellaneous services (1.0% in the Composite CPI and 0.1% in the CPI(A)) and housing (0.1% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year decline in prices were recorded in March 2010 for durable goods (-1.7% in the Composite CPI and -2.4% in the CPI(A)) and clothing and footwear (-1.1% in the Composite CPI and -0.4% in the CPI(A)).
As for alcoholic drinks and tobacco, the Composite CPI remained unchanged over a year earlier but the CPI(A) rose by 0.2%.
In the first quarter of 2010, the Composite CPI rose by 1.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.5%, 1.9% and 1.4% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 0.8%, 0.9%, 0.8% and 0.7% respectively.
For the 12 months ended March 2010, the Composite CPI was on average 0.6% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 0.8%, 0.5% and 0.4%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 0.4%, 0.5%, 0.4% and 0.3% respectively.
Commentary
A Government spokesman says that overall inflationary pressure on consumer prices remained modest, with the underlying consumer price inflation in March being broadly the same as that in January and February combined.
The spokesman adds that economic recovery has been gaining momentum. Against this background, inflationary pressure will probably increase somewhat going forward. Nevertheless, the continuous expansion in production capacity should help to provide some relief by alleviating the pressure on business costs.
Further information
The CPIs and year-on-year rates of change at section level for March 2010 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 March 2010 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$63 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 the 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, April 22, 2010
Issued at HKT 16:30
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