Consumer Price Indices for December 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 December 2022 was 0.3%, and that for the 3-month period ending November 2022 was 0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.2% and 0.1%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.9% and 2.0% respectively in December 2022, as compared to 1.8%, 1.7% and 1.8% respectively in November 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 2.1%, 1.9% and 2.0% respectively in December 2022, as compared to 1.8%, 1.7% and 1.8% respectively in November 2022.
On a seasonally adjusted basis, for the 3-month period ending December 2022, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.3%, 0.3% and 0.2% respectively. The corresponding rates of increase for the 3-month period ending November 2022 were all 0.2%. 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 December 2022 were all 0.2%, and the corresponding rates of increase for the 3-month period ending November 2022 were all 0.1%.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in December 2022 for electricity, gas and water (14.7%); clothing and footwear (5.1%); basic food (4.2%); meals out and takeaway food (3.5%); transport (2.7%); miscellaneous services (1.9%); alcoholic drinks and tobacco (1.6%) and miscellaneous goods (0.5%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in December 2022 for durable goods (-1.5%) and housing (-0.1%).
In the fourth quarter of 2022, the Composite CPI rose by 1.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 1.7% 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%, 1.8% and 1.9% respectively.
For 2022 as a whole, the Composite CPI was 1.9% higher than that in the preceding year. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.7%, 1.7% and 1.8% respectively.
Commentary
A Government spokesman said that the underlying consumer price inflation rate remained moderate in December 2022, though showing some increase from the preceding month mainly due to a surge in fresh vegetable prices. Prices of energy-related items soared further year-on-year, and those of clothing and footwear as well as food continued to increase visibly. But price pressures on other major components remained broadly in check. For 2022 as a whole, the underlying consumer price inflation rate averaged 1.7%.
Going forward, external price pressures should remain notable, though there will likely be some moderation. Domestic cost pressures may increase alongside the expected improvement in local economic activities. Overall inflation could thus face some upward pressure, but should remain moderate in the near term. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for December 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 December 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/web_table.html?id=222) and the time series of underlying CPIs (www.censtatd.gov.hk/en/web_table.html?id=221) 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/Friday, January 20, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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