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The Census and Statistics Department (C&SD) released today (September 23) the Consumer Price Index (CPI) figures for August 2013. According to the Composite CPI, overall consumer prices rose by 4.5% in August 2013 over the same month a year earlier, smaller than the corresponding increase (6.9%) in July 2013. The larger increase in July 2013 was attributable to the low base of comparison arising from the Government's payment of public housing rentals in July 2012, and such effect did not come into play in August 2013. 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 2013 was 4.3%, slightly larger than that in July (4.2%), mainly due to the increases in private housing rentals, as well as the prices of salt-water fish and charges for package tours.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from June to August 2013 was -0.5%, and the corresponding rate of change for the 3-month period from May to July 2013 was 0.2%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from June to August 2013 was 0.3%, and that for the 3-month period from May to July 2013 was 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 4.9%, 4.4% and 4.3% respectively in August 2013, which compared to 12.0%, 5.0% and 4.0% 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 5.0%, 4.1% and 3.8% respectively in August 2013, which compared to 4.8%, 4.0% and 3.9% respectively in July.
On a seasonally adjusted basis, for the 3-month period from June to August 2013, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were -1.9%, virtually nil and 0.3% respectively. The corresponding rates of increase for the 3-month period from May to July 2013 were 0.2%, 0.3% and 0.2%. 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 June to August 2013 were 0.3%, 0.3% and 0.2% respectively, and the corresponding rates of increase for the 3-month period from May to July 2013 were 0.2%, 0.3% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in August 2013 for electricity, gas and water (10.2% in the Composite CPI and 11.0% in the CPI(A)); housing (6.8% in the Composite CPI and 7.3% in the CPI(A)); food (excluding meals bought away from home) (4.5% in the Composite CPI and 4.9% in the CPI(A)); meals bought away from home (4.2% in the Composite CPI and 4.4% in the CPI(A)); miscellaneous services (4.2% in the Composite CPI and 3.5% in the CPI(A)); transport (2.7% in the Composite CPI and 2.6% in the CPI(A)); miscellaneous goods (2.5% in the Composite CPI and 3.5% in the CPI(A)); clothing and footwear (1.4% in the Composite CPI and 2.1% in the CPI(A)) and alcoholic drinks and tobacco (1.0% in the Composite CPI and 1.1% in the CPI(A)).
On the other hand, year-on-year decrease in prices was recorded in August 2013 for durable goods (-4.2% in the Composite CPI and -4.3% in the CPI(A)).
Taking the first eight months of 2013 together, the Composite CPI rose by 4.3% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 5.4%, 3.9% and 3.6%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 3.9%, 4.5%, 3.7% and 3.5% respectively in the first eight months of 2013 over a year earlier.
For the 3 months ended August 2013, the Composite CPI rose by 5.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 7.2%, 4.5% and 4.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 4.2%, 4.8%, 4.0% and 3.7% respectively.
For the 12 months ended August 2013, the Composite CPI was on average 4.1% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 5.0%, 3.8% and 3.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.9%, 4.4%, 3.8% and 3.5% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation went up slightly in August, partly reflecting the continued feed-through of the past increases in private housing rentals.
The spokesman commented further that, looking ahead, underlying inflation is still subject to modest upside risks in the near term, mainly due to the lagged effects of the notable rise in private housing rentals during 2012. Nonetheless, imported inflation remained benign and the increases in fresh-letting residential rentals have moderated recently. These developments should help contain inflation further down the road. The Government will monitor the inflation situation closely, particularly its impact on the lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for August 2013 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 2013 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/Monday, September 23, 2013
Issued at HKT 16:32
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