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The Census and Statistics Department (C&SD) released today (March 22) the Consumer Price Index (CPI) figures for February 2011. According to the Composite CPI, overall consumer prices rose by 3.7% in February 2011 over the same month a year earlier, slightly larger than the corresponding increase (3.6%) in January 2011. 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 February 2011 was 3.6%, also slightly larger than that in January (3.5%), mainly due to the enlarged increases in private housing rentals.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from December 2010 to February 2011 was 0.7%, which compared to 0.5% for the 3-month period from November 2010 to January 2011. 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 December 2010 to February 2011 was 0.7%, and that for the 3-month period from November 2010 to January 2011 was 0.5%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.9%, 3.7% and 3.4% respectively in February 2011, which compared to 3.9%, 3.6% and 3.4% respectively in January. 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%, 3.7% and 3.4% respectively in February 2011, which compared to 3.8%, 3.5% and 3.4% respectively in January.
On a seasonally adjusted basis, for the 3-month period from December 2010 to February 2011, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.8%, 0.7% and 0.6% respectively. The corresponding rates of increase for the 3-month period from November 2010 to January 2011 were all 0.5%. 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 December 2010 to February 2011 were 0.7%, 0.7% and 0.6% respectively, and for the 3-month period from November 2010 to January 2011 were all 0.5%.
Amongst the various CPI components, year-on-year increases in prices were recorded in February 2011 for food (excluding meals bought away from home) (6.5% in the Composite CPI and 6.1% in the CPI(A)); electricity, gas and water (5.9% in the Composite CPI and 6.9% in the CPI(A)); clothing and footwear (4.6% in the Composite CPI and 3.3% in the CPI(A)); alcoholic drinks and tobacco (4.5% in both the Composite CPI and CPI(A)); housing (3.9% in the Composite CPI and 4.2% in the CPI(A)); meals bought away from home (3.9% in the Composite CPI and 4.1% in the CPI(A)); miscellaneous goods (3.4% in the Composite CPI and 3.3% in the CPI(A)); transport (2.7% in the Composite CPI and 1.3% in the CPI(A)) and miscellaneous services (2.6% in the Composite CPI and 2.1% in the CPI(A)).
On the other hand, year-on-year decreases in prices were recorded in February 2011 for durable goods (-3.0% in the Composite CPI and -2.1% in the CPI(A)).
Taking the first two months of 2011 together, the Composite CPI rose by 3.7% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 3.9%, 3.7% and 3.4%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 3.6%, 3.8%, 3.5% and 3.4% respectively in the first two months of 2011 over a year earlier.
For the 3 months ended February 2011, the Composite CPI rose by 3.5% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.7%, 3.4% and 3.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.3%, 3.5%, 3.3% and 3.2% respectively.
For the 12 months ended February 2011, the Composite CPI was on average 2.7% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.7% and 2.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were all 2.2%.
Commentary
A Government spokesman says that taking the first two months of 2011 together to remove any potential distortion due to the timing of the Lunar New Year, the underlying consumer price inflation went up further to 3.6%, amid the notable increases in import prices and the robust local economic conditions.
The spokesman adds that inflationary pressure in the economy is likely to increase in the coming months, as global food and commodity prices remain elevated and the feed-through from the earlier rapid increases in private housing rentals continues. The Government will also closely monitor the implications on inflation from the global events of late, including the series of incidents in Japan following the earthquake and the political unrest in the Middle East. The Government will remain vigilant to the impact of inflation on the low-income people.
Further information
The CPIs and year-on-year rates of change at section level for February 2011 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 February 2011 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 email address cpi@censtatd.gov.hk.
Ends/Tuesday, March 22, 2011
Issued at HKT 16:30
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