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The Census and Statistics Department (C&SD) released today (February 22) the Consumer Price Index (CPI) figures for January 2013. According to the Composite CPI, overall consumer prices rose by 3.0% in January 2013 over the same month a year earlier, smaller than the corresponding increase (3.7%) in December 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 January 2013 was 3.1%, also smaller than that in December 2012 (3.8%). The smaller increase in January this year was mainly affected by the higher prices in January last year around the Lunar New Year which led to a higher base of comparison.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from November 2012 to January 2013 was 0.3%, and that for the 3-month period from October to December 2012 was 1.2%. 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 November 2012 to January 2013 was 0.3%, the same as that for the 3-month period from October to December 2012.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.8%, 2.8% and 2.4% respectively in January 2013, which compared to 4.2%, 3.6% and 3.3% respectively in December 2012. 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 3.8%, 2.9% and 2.5% respectively in January 2013, which compared to 4.3%, 3.6% and 3.4% respectively in December 2012.
On a seasonally adjusted basis, for the 3-month period from November 2012 to January 2013, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.4%, 0.3% and 0.3% respectively. The corresponding rates of increase for the 3-month period from October to December 2012 were 2.7%, 0.6% and 0.3%. 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 November 2012 to January 2013 were 0.4%, 0.3% and 0.3% respectively, same as those rates of increase for the 3-month period from October to December 2012.
Amongst the various CPI components, year-on-year increases in prices were recorded in January 2013 for housing (5.1% in the Composite CPI and 6.1% in the CPI(A)); electricity, gas and water (5.0% in the Composite CPI and 5.4% in the CPI(A)); meals bought away from home (4.1% in the Composite CPI and 4.2% in the CPI(A)); food (excluding meals bought away from home) (3.1% in the Composite CPI and 3.5% in the CPI(A)); clothing and footwear (2.4% in the Composite CPI and 3.4% in the CPI(A)); miscellaneous goods (1.9% in the Composite CPI and 2.2% in the CPI(A)); transport (1.3% in the Composite CPI and 0.6% in the CPI(A)) and alcoholic drinks and tobacco (1.2% in the Composite CPI and 1.4% in the CPI(A)).
On the other hand, year-on-year decrease in price was recorded in January 2013 for durable goods (-2.4% in the Composite CPI and -2.8% in the CPI(A)).
As for miscellaneous services, the Composite CPI remained unchanged over a year earlier but the CPI(A) rose by 0.5%.
For the 3 months ended January 2013, the Composite CPI rose by 3.5% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.1%, 3.3% and 3.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.5%, 4.1%, 3.4% and 3.2% respectively.
For the 12 months ended January 2013, the Composite CPI was on average 3.8% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.5%, 4.1% and 3.8%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 4.4%, 4.6%, 4.5% and 4.0% respectively.
Commentary
A Government spokesman said that the year-on-year rate of inflation went lower in January 2013. Nevertheless, this was mainly attributable to the difference in timing of the Lunar New Year, which fell in late January last year but in mid-February this year.
The spokesman commented further that, looking ahead, inflationary pressures are still likely to be largely contained in the near term, given the moderated increase in import prices and the modest local economic growth. Nevertheless, further down the road, the volatility of international food and commodity prices amid the global liquidity glut, coupled with the rise in local housing rentals over the past year, may pose some upside risks to inflation. The Government will continue to monitor the inflation situation closely, particularly its impact on the lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for January 2013 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 January 2013 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Friday, February 22, 2013
Issued at HKT 16:30
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