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The Census and Statistics Department (C&SD) released today (September 20) the Consumer Price Index (CPI) figures for August 2012. According to the Composite CPI, overall consumer prices rose by 3.7% in August 2012 over the same month a year earlier, larger than the corresponding increase (1.6%) in July 2012. The larger increase was mainly attributable to the difference in timing in respect of the Government's payment of public housing rentals, which was implemented in July and August in 2012, but in August and September last year. 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 August 2012 was also 3.7%, smaller than that in July (4.2%), mainly due to the smaller increases in private housing rentals and the prices of salt-water fish.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from June to August 2012 was -0.7%, the same as that for the 3-month period from May to July 2012. 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 June to August 2012 was 0.1%, the same as that for the 3-month period from May to July 2012.
Analysed by sub-index, the year-on-year rates of change in the CPI(A), CPI(B) and CPI(C) were 4.1%, 3.8% and 3.2% respectively in August 2012, which compared to -2.4%, 3.5% and 3.7% respectively in July. 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 3.8%, 3.9% and 3.3% respectively in August 2012, which compared to 4.3%, 4.4% and 3.8% respectively in July.
On a seasonally adjusted basis, for the 3-month period from June to August 2012, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were -2.1%, -0.2% and 0.1% respectively. The corresponding rates of change for the 3-month period from May to July 2012 were -2.0%, -0.2% and 0.1%. 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 June to August 2012 were virtually nil, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period from May to July 2012 were all 0.1%.
Amongst the various CPI components, year-on-year increases in prices were recorded in August 2012 for housing (5.2% in the Composite CPI and 5.7% in the CPI(A)); meals bought away from home (5.2% in the Composite CPI and 5.4% in the CPI(A)); food (excluding meals bought away from home) (5.2% in the Composite CPI and 5.3% in the CPI(A)); electricity, gas and water (3.6% in the Composite CPI and 3.0% in the CPI(A)); clothing and footwear (2.8% in the Composite CPI and 3.7% in the CPI(A)); transport (2.1% in the Composite CPI and 1.6% in the CPI(A)); miscellaneous services (1.8% in the Composite CPI and 1.1% in the CPI(A)); miscellaneous goods (1.2% in the Composite CPI and 2.0% in the CPI(A)) and alcoholic drinks and tobacco (0.8% in the Composite CPI and 0.9% in the CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in August 2012 for durable goods (-1.3% in the Composite CPI and -1.5% in the CPI(A)).
Taking the first eight months of 2012 together, the Composite CPI rose by 4.2% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 3.3%, 4.7% and 4.5%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 5.1%, 5.1%, 5.3% and 4.8% respectively in the first eight months of 2012 over a year earlier.
For the 3 months ended August 2012, the Composite CPI rose by 3.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.6%, 3.8% and 3.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 4.2%, 4.2%, 4.3% and 3.8% respectively.
For the 12 months ended August 2012, the Composite CPI was on average 4.7% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 4.0%, 5.1% and 5.0%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 5.5%, 5.5%, 5.7% and 5.3% respectively.
Commentary
A Government spokesman said that underlying inflation receded further in August, thanks to slower year-on-year increases in food prices and private housing rentals. The rise-back in headline inflation was primarily due to the difference in timing of the Government's payment of public housing rentals, which was implemented in July and August this year, but in August and September last year.
The spokesman commented further that, given the more difficult economic environment and the more moderate increases in import prices, there should still be some room for inflation to ease further in the near term. Nonetheless, the recent rebound in world food and commodity prices in the midst of abundant global liquidity is a cause for concern. The Government will continue to closely monitor the inflation situation, particularly its impact on the lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for August 2012 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 and the underlying inflation rate 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 August 2012 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001).
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, September 20, 2012
Issued at HKT 16:31
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