The Census and Statistics Department (C&SD) released today (September 22) the Consumer Price Index (CPI) figures for August 2022. According to the Composite CPI, overall consumer prices rose by 1.9% in August 2022 over the same month a year earlier, the same as that in July 2022. 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 August 2022 was 1.8%, slightly smaller than that in July 2022 (1.9%). 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending August 2022 was 0.2%, the same as that for the 3-month period ending July 2022. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.1%.   

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.8% and 1.9% respectively in August 2022, as compared to 1.9%, 1.8% and 2.0% respectively in July 2022. 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 1.8%, 1.8% and 1.9% respectively in August 2022, as compared to 1.9%, 1.8% and 2.0% respectively in July 2022.   

     On a seasonally adjusted basis, for the 3-month period ending August 2022, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.3%, 0.2% and 0.1% respectively. The corresponding rates of increase for the 3-month period ending July 2022 were 0.2%, 0.1% and 0.2% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending August 2022 were 0.2%, 0.1% and 0.1% respectively, and the corresponding rates of increase for the 3-month period ending July 2022 were 0.2%, 0.1% and 0.2% respectively.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in August 2022 for electricity, gas and water (15.2%); clothing and footwear (5.9%); basic food (4.7%); meals out and takeaway food (3.3%); transport (1.9%); alcoholic drinks and tobacco (1.7%); miscellaneous services (1.1%); miscellaneous goods (0.9%) and durable goods (0.6%).   

     On the other hand, year-on-year decrease in the component of the Composite CPI was recorded in August 2022 for housing (-0.3%).   

     Taking the first 8 months of 2022 together, the Composite CPI rose by 1.6% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.6% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.7%, 1.6% and 1.8% respectively.   

     For the 3 months ending August 2022, the Composite CPI rose by 1.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.8%, 1.8% and 2.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.9%, 1.8% and 2.0% respectively.   

     For the 12 months ending August 2022, the Composite CPI was on average 1.7% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.6% and 1.7% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.5%, 1.4% and 1.6% respectively. 

Commentary

     A Government spokesman said that the overall consumer price inflation stayed moderate in August. The year-on-year increases in prices of food as well as clothing and footwear, though remaining visible, saw some moderation. Prices of energy-related items soared further. Price pressures on other major CPI components were broadly in check. 

     While external price pressures are expected to remain notable amid high inflation in some major import sources, overall inflation should remain moderate in the near term as domestic cost pressures are still mild. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for August 2022 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief 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, seasonally adjusted data series and the CPIs by the Classification of Individual Consumption According to Purpose (COICOP)) are available in the monthly reports. Users can download the August 2022 issue of the "Monthly Report on the Consumer Price Index" (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270), the time series of CPIs at detailed level (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600001&scode=270), the time series of CPIs at COICOP division level (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600002&scode=270) and the time series of CPIs after netting out the effects of all Government's one-off relief measures (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=D5600003&scode=270) at the website of the C&SD.

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk). 

Ends/Thursday, September 22, 2022
Issued at HKT 16:30

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