Consumer Price Indices for March 2023
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Comparing March 2023 with February 2023, the year-on-year rate of increase in the Composite CPI in March 2023 (1.7%) was virtually the same as that in February 2023. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI in March 2023 was also 1.7%, virtually the same as that in February 2023.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending March 2023 was 0.1%, and that for the 3-month period ending February 2023 was 0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.6% and 1.9% respectively in March 2023, as compared to the average rates of increase of 2.2%, 1.9% and 2.1% respectively in January and February 2023, and 1.7%, 1.6% and 1.8% respectively in February 2023. 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 1.7%, 1.6% and 1.9% respectively in March 2023, as compared to the average rates of increase of 2.1%, 1.9% and 2.0% respectively in January and February 2023, and 1.7%, 1.6% and 1.8% respectively in February 2023.
On a seasonally adjusted basis, for the 3-month period ending March 2023, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.1%, 0.1% and 0.2% respectively. The corresponding rates of increase for the 3-month period ending February 2023 were 0.2%, 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 March 2023 were all 0.1%, and the corresponding rates of increase for the 3-month period ending February 2023 were 0.2%, 0.1% and 0.2% respectively.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in March 2023 for electricity, gas and water (19.9%), alcoholic drinks and tobacco (18.7%), clothing and footwear (6.3%), meals out and takeaway food (4.5%), transport (2.8%), miscellaneous services (2.7%), and miscellaneous goods (1.0%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in March 2023 for basic food (-2.8%), durable goods (-2.8%), and housing (-0.2%).
In the first quarter of 2023, the Composite CPI rose by 1.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.0%, 1.8% and 2.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.9%, 2.0%, 1.8% and 2.0% respectively.
For the 12 months ending March 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%, 1.8%, 1.7% and 1.9% respectively.
Commentary
A Government spokesman said that the underlying consumer price inflation rate eased to 1.7% in March from 2.1% for the first two months combined, as basic food prices turned to a year-on-year decline against a high base of comparison caused by the epidemic-induced supply disruptions last year. Prices of energy-related items continued to soar year-on-year, and those of clothing and footwear as well as meals out and takeaway food rose visibly further. Price pressures on most other major components remained broadly in check.
Looking ahead, domestic cost pressures may increase alongside the improved economic situation, while external price pressures are likely to remain notable for some time. Overall inflationary pressure may increase gradually, 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 March 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 March 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=510-60003) and the time series of underlying CPIs (www.censtatd.gov.hk/en/web_table.html?id=510-60002) 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, April 21, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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