***********************************
The Census and Statistics Department (C&SD) released today (June 21) the Consumer Price Index (CPI) figures for May 2012. According to the Composite CPI, overall consumer prices rose by 4.3% in May 2012 over the same month a year earlier, smaller than the corresponding increase (4.7%) in 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 May 2012 was 5.1%, also smaller than that in April (5.6%), mainly due to the smaller increases in private housing rentals.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period from March to May 2012 was 0.4%, and that for the three-month period from February to April 2012 was 0.3%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the three-month period from March to May 2012 was 0.4%, and that for the three-month period from February to April 2012 was 0.3%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.8%, 4.6% and 4.3% respectively in May 2012, which compared to 4.2%, 5.0% and 4.9% respectively in April. 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 5.1%, 5.3% and 4.8% respectively in May 2012, which compared to 5.5%, 5.7% and 5.3% respectively in April.
On a seasonally adjusted basis, for the three-month period from March to May 2012, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.4%. The corresponding rates of increase for the three-month period from February to April 2012 were 0.3%, 0.3% and 0.2%. 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 three-month period from March to May 2012 were all 0.4%, and the corresponding rates of increase for the three-month period from February to April 2012 were 0.3%, 0.3% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in May 2012 for food (excluding meals bought away from home) (8.5% in the Composite CPI and 9.0% in the CPI(A)); housing (6.3% in the Composite CPI and 5.6% in the CPI(A)); meals bought away from home (5.7% in the Composite CPI and 5.9% in the CPI(A)); transport (3.3% in the Composite CPI and 3.2% in the CPI(A)); clothing and footwear (3.2% in the Composite CPI and 3.8% in the CPI(A)); miscellaneous services (3.2% in the Composite CPI and 1.8% in the CPI(A)) and miscellaneous goods (2.0% in the Composite CPI and 2.3% in the CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in May 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 (-0.7% in the Composite CPI and -1.2% in the CPI(A)).
As for alcoholic drinks and tobacco, the Composite CPI fell by 0.1% over a year earlier but the CPI(A) rose by 0.3%.
Taking the first five months of 2012 together, the Composite CPI rose by 4.9% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 4.4%, 5.2% and 5.1%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 5.7%, 5.6%, 5.9% and 5.4% respectively in the first five months of 2012 over a year earlier.
For the three months ended May 2012, the Composite CPI rose by 4.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.0%, 4.9% and 4.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 5.4%, 5.4%, 5.7% and 5.1% respectively.
For the 12 months ended May 2012, the Composite CPI was on average 5.5% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 5.5%, 5.6% and 5.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 5.9%, 5.9%, 6.1% and 5.8% respectively.
Commentary
A Government spokesman said that consumer price inflation receded further in May, thanks to the continued tapering of food inflation and the narrower increases in private housing rentals. The other major components in the Composite CPI also showed smaller year-on-year price increases in May, reflecting a broad-based easing in inflation pressures.
The spokesman commented further that, looking ahead, inflation is expected to come down further in the coming months, along with the relatively slow expansion of the local economy and a more moderate rise in import prices. 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 May 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 three 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 May 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_cd_B1060001_dt_detail.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/Thursday, June 21, 2012
Issued at HKT 16:30
NNNN
