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The Census and Statistics Department (C&SD) released today (March 21) the Consumer Price Index (CPI) figures for February 2006. According to the Composite CPI, overall consumer prices rose by 1.6% in February 2006 over a year earlier, smaller than the 2.6% increase in January.
2. The smaller year-on-year increase in the Composite CPI in February 2006 than in January was mainly attributable to the decreases in the charges for package tours and prices of basic foodstuffs, as well as the smaller increases in the costs of meals bought away from home and inbound and outbound transport fares after the Lunar New Year Festival, which fell in January this year but in February last year. Taking the first two months of 2006 together to remove the distortion caused by the difference in the timing of the Lunar New Year between the two years, the Composite CPI increased by 2.1% from a year earlier.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.3%, 1.7% and 1.9% respectively in February 2006, also smaller than the corresponding increases of 2.3%, 2.7% and 2.8% in January. Taking January and February 2006 together, the CPI(A), CPI(B) and CPI(C) rose by 1.8%, 2.2% and 2.4% respectively over a year earlier.
4. 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 February 2006, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were 0.2%, 0.1%, 0.2% and 0.2% respectively. The corresponding rates of change for the 3-month period ended January 2006 were all 0.2%.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in February 2006 for miscellaneous goods (7.1% in the Composite CPI and 3.5% in the CPI(A)), electricity, gas and water (4.2% in the Composite CPI and 4.1% in the CPI(A)), housing (3.9% in the Composite CPI and 3.2% in the CPI(A)), transport (1.6% in the Composite CPI and 1.3% in the CPI(A)) and meals bought away from home (0.7% in the Composite CPI and 0.9% in the CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in February 2006 for durable goods (-1.6% in both the Composite CPI and CPI(A)), clothing and footwear (-1.2% in the Composite CPI and -1.1% in the CPI(A)), alcoholic drinks and tobacco (-1.0% in the Composite CPI and -1.2% in the CPI(A)) and miscellaneous services (-0.9% in the Composite CPI and -1.2% in the CPI(A)).
7. As for food (excluding meals bought away from home), prices fell by 0.2% in the Composite CPI over a year earlier but rose by 0.2% in the CPI(A).
8. For the three months ended February 2006, the Composite CPI rose by 2.0% from a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 2.1% and 2.2%.
9. For the 12 months ended February 2006, the Composite CPI was on average 1.4% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 1.5% and 1.4%.
Commentary
10. A Government Secretariat spokesman noted that the year-on-year increase in consumer prices eased back rather distinctly in February over January, mainly attributable to the distortion caused by the timing of the Lunar New Year, which fell in January this year but February last year. For the first two months of 2006 as a whole, the rise in Composite CPI was still moderate, particularly when seen against the brisk economic activity. Looking ahead, the continuous solid expansion of the economy should see some further upward pressures on consumer prices. Yet with the continued expansion in production capacity brought about by rising productivity, such upward pressures would be mitigated to some extent.
Further information
11. 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.
12. The February 2006 issue of the Monthly Report on the Consumer Price Index is now on sale at HK$41 per issue. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.censtatd.gov.hk/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025).
13. For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Tuesday, March 21, 2006
Issued at HKT 16:15
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