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The Census and Statistics Department (C&SD) released today (January 22) the Consumer Price Index (CPI) figures for December 2006. According to the Composite CPI, overall consumer prices rose by 2.3% in December 2006 over a year earlier, larger than the 2.2% increase in November 2006.
The larger year-on-year increase in the Composite CPI in December than in November 2006 was mainly attributable to the enlarged increases in the prices of fresh-water fish and private housing rentals.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 2.3% and 2.7% respectively in December 2006, also larger than the corresponding increases of 1.8%, 2.2% and 2.6% in November 2006.
For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. For the 3-month period ended December 2006, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.2%. The corresponding rates of change for the 3-month period ended November 2006 were 0.1%, virtually nil, 0.1% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2006 for clothing and footwear (6.4% in the Composite CPI and 6.3% in the CPI(A)), housing (4.8% in the Composite CPI and 3.9% in the CPI(A)), food (excluding meals bought away from home) (4.3% in the Composite CPI and 4.7% in the CPI(A)), miscellaneous goods (3.0% in the Composite CPI and 2.9% in the CPI(A)), miscellaneous services (1.8% in the Composite CPI and 0.7% in the CPI(A)) and meals bought away from home (1.5% in the Composite CPI and 1.1% in the CPI(A)).
On the other hand, year-on-year declines in prices were recorded in December 2006 for durable goods (-6.1% in the Composite CPI and -6.8% in the CPI(A)), alcoholic drinks and tobacco (-4.2% in the Composite CPI and -4.6% in the CPI(A)), electricity, gas and water (-2.9% in the Composite CPI and -3.3% in the CPI(A)) and transport (-0.2% in both the Composite CPI and CPI(A)).
In the fourth quarter of 2006, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.8%, 2.2% and 2.5% respectively.
For 2006 as a whole, the Composite CPI was on average 2.0% higher than in the preceding 12 month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.1% and 2.2%.
Commentary
A Government spokesman pointed out that the edge-up in the consumer price inflation in December was mostly due to the temporary disruption in the supply of fresh-water fish during the month. Also noteworthy is the faster rise in food prices in general, partly reflecting the modest effect of the gradual appreciation of the renminbi over the past year or so.
The spokesman added further that the current inflation rate is still moderate and likely to stay so in the coming months, benefiting from the continued productivity increase in Hong Kong and the recent fall in oil prices. However, the impact of the weakening of the Hong Kong dollar along with the US dollar and the gradual appreciation of the renminbi on imported inflation, though rather modest up till now, is an area to watch out.
Further information
Further details are shown in Tables 1 and 2. The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1.
Users can download the December 2006 issue of the Monthly Report on the Consumer Price Index free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is available for sale at HK$41 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_
publications/index.jsp). Print version of this publication is also available for sale online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at Tel: 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Monday, January 22, 2007
Issued at HKT 16:15
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