*************************************
The Census and Statistics Department (C&SD) released today (May 22) the Consumer Price Index (CPI) figures for April 2012. According to the Composite CPI, overall consumer prices rose by 4.7% in April 2012 over the same month a year earlier, smaller than the corresponding increase (4.9%) in March 2012. The smaller increase was mainly due to the raising ceiling of rates concession from $1,500 per quarter for each rateable property to $2,500 starting from April 2012. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in April 2012 remained at 5.6% as in March 2012.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from February to April 2012 was 0.3%, and that for the 3-month period from January to March 2012 was 0.4%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from February to April 2012 was 0.3%, and that for the 3-month period from January to March 2012 was 0.4%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 4.2%, 5.0% and 4.9% respectively in April 2012, which compared to 4.3%, 5.2% and 5.1% respectively in March. 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 5.5%, 5.7% and 5.3% respectively in April 2012, which compared to 5.6%, 5.8% and 5.4% respectively in March.
On a seasonally adjusted basis, for the 3-month period from February to April 2012, 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 from January to March 2012 were all 0.4%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from February to April 2012 were 0.3%, 0.3% and 0.2% respectively, and the corresponding rates of increase for the 3-month period from January to March 2012 were 0.4%, 0.4% and 0.3% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in April 2012 for food (excluding meals bought away from home) (8.8% in the Composite CPI and 9.3% in the CPI(A)); housing (7.2% in the Composite CPI and 6.3% in the CPI(A)); meals bought away from home (5.8% in the Composite CPI and 6.0% in the CPI(A)); transport (3.7% in the Composite CPI and 3.8% in the CPI(A)); miscellaneous services (3.4% in the Composite CPI and 1.8% in the CPI(A)); clothing and footwear (3.3% in the Composite CPI and 4.6% in the CPI(A)); miscellaneous goods (2.9% in the Composite CPI and 3.0% in the CPI(A)) and alcoholic drinks and tobacco (0.4% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in April 2012 for electricity, gas and water (-18.2% in the Composite CPI and -23.1% in the CPI(A), largely as a result of the Government's electricity charge subsidy) and durable goods (-0.5% in the Composite CPI and -0.8% in the CPI(A)).
Taking the first four months of 2012 together, the Composite CPI rose by 5.1% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 4.5%, 5.4% and 5.3%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 5.8%, 5.7%, 6.0% and 5.6% respectively in the first four months of 2012 over a year earlier.
For the 3 months ended April 2012, the Composite CPI rose by 4.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.2%, 5.1% and 4.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 5.5%, 5.5%, 5.7% and 5.2% respectively.
For the 12 months ended April 2012, the Composite CPI was on average 5.6% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 5.7%, 5.7% and 5.6%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 5.9%, 5.9%, 6.0% and 5.8% respectively.
Commentary
A Government spokesman said that the year-on-year rate of underlying consumer price inflation held stable at 5.6% in April 2012. The increases in food prices and private housing rentals eased somewhat in April. However, this favourable development was to some extent offset by the faster increase in charges for package tours. Indeed, the seasonally adjusted underlying Composite CPI showed a slightly slower average monthly increase in the 3-month period ended April, at 0.3%, than in that ended March, at 0.4%.
The spokesman commented further that, looking ahead, inflation is likely to come down in the coming months, as domestic and external price pressures have been receding amid a more difficult economic environment as well as slower inflation in the region. The Government will continue to closely monitor the inflation situation, particularly its impact on the lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for April 2012 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of one-off 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 and seasonally adjusted data series) are available in the monthly reports. Users can download the April 2012 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/prices_household_expenditure/index.jsp).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or e-mail address cpi@censtatd.gov.hk.
Ends/Tuesday, May 22, 2012
Issued at HKT 16:30
NNNN
