Consumer Price Indices for July 2022
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On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending July 2022 was 0.2%, and that for the 3-month period ending June 2022 was 0.1%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.1%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.8% and 2.0% respectively in July 2022, as compared to 1.8%, 1.7% and 2.0% respectively in June 2022. 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 1.9%, 1.8% and 2.0% respectively in July 2022, as compared to 1.8%, 1.7% and 2.0% respectively in June 2022.
On a seasonally adjusted basis, for the 3-month period ending July 2022, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.2%, 0.1% and 0.2% respectively. The corresponding rates of change for the 3-month period ending June 2022 were 0.0%, 0.1% and 0.2% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending July 2022 were 0.2%, 0.1% and 0.2% respectively, and the corresponding rates of increase for the 3-month period ending June 2022 were 0.1%, 0.1% and 0.2% respectively.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in July 2022 for electricity, gas and water (15.1%); clothing and footwear (6.5%); basic food (5.0%); meals out and takeaway food (3.5%); alcoholic drinks and tobacco (2.0%); transport (1.5%); miscellaneous services (1.4%); durable goods (1.2%) and miscellaneous goods (0.5%).
On the other hand, year-on-year decrease in the component of the Composite CPI was recorded in July 2022 for housing (-0.4%).
Taking the first 7 months of 2022 together, the Composite CPI rose by 1.6% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 1.5% and 1.7% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.7%, 1.6% and 1.7% respectively.
For the 3 months ending July 2022, the Composite CPI rose by 1.7% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 1.6% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.8%, 1.7% and 1.9% respectively.
For the 12 months ending July 2022, the Composite CPI was on average 1.7% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 1.6% and 1.7% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.5%, 1.4% and 1.5% respectively.
Commentary
A Government spokesman said that the underlying consumer price inflation stayed moderate in overall terms in July, despite edging up further to 1.9%. Prices of food, energy-related items, and clothing and footwear continued to record visible year-on-year increases, while price pressures on other major CPI components were broadly in check.
External price pressures are expected to remain notable for some time amid elevated inflation in some major import sources. Yet, overall inflation should stay moderate in the near term as domestic cost pressures should continue to be mild. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for July 2022 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief 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, seasonally adjusted data series and the CPIs by the Classification of Individual Consumption According to Purpose (COICOP)) are available in the monthly reports. Users can download the July 2022 issue of the "Monthly Report on the Consumer Price Index" (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270), the time series of CPIs at detailed level (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600001&scode=270), the time series of CPIs at COICOP division level (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600002&scode=270) and the time series of CPIs after netting out the effects of all Government's one-off relief measures (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600003&scode=270) at the website of the C&SD.
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
Ends/Monday, August 22, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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