Consumer Price Indices for January 2023
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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 January 2023 was 0.4%, and that for the 3-month period ending December 2022 was 0.3%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.4% and 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.6%, 2.3% and 2.4% respectively in January 2023, as compared to 2.1%, 1.9% and 2.0% respectively in December 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 2.6%, 2.2% and 2.4% respectively in January 2023, as compared to 2.1%, 1.9% and 2.0% respectively in December 2022.
On a seasonally adjusted basis, for the 3-month period ending January 2023, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.4%, 0.4% and 0.3% respectively. The corresponding rates of increase for the 3-month period ending December 2022 were 0.3%, 0.3% 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 January 2023 were 0.4%, 0.4% and 0.3% respectively, and the corresponding rates of increase for the 3-month period ending December 2022 were all 0.2%.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in January 2023 for electricity, gas and water (20.6%); basic food (6.0%); clothing and footwear (5.8%); meals out and takeaway food (4.4%); miscellaneous services (2.0%); miscellaneous goods (1.0%); transport (0.9%) and alcoholic drinks and tobacco (0.8%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in January 2023 for durable goods (-2.2%) and housing (-0.1%).
For the 3 months ending January 2023, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.1%, 1.9% and 2.1% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.1%, 2.2%, 1.9% and 2.0% respectively.
For the 12 months ending January 2023, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.3%, 1.8% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.9%, 1.7% and 1.9% respectively.
Commentary
A Government spokesman said that the underlying consumer price inflation rate picked up to 2.4% in January, partly due to the early arrival of the Lunar New Year, which fell in January this year but February last year. It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the underlying inflation situation. As for the major components, the increase in food prices accelerated. Prices of energy-related items soared further and those of clothing and footwear continued to increase visibly. Price pressures on other major components remained broadly in check.
Going forward, domestic cost pressures may increase alongside the economic recovery. External price pressures will likely remain notable, though moderating somewhat. Overall inflation would 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 January 2023 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 January 2023 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/Thursday, February 23, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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