The Census and Statistics Department (C&SD) released today (September 21) the Consumer Price Index (CPI) figures for August 2023. According to the Composite CPI, overall consumer prices rose by 1.8% in August 2023 over the same month a year earlier, virtually the same as that in July 2023. 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 2023 was 1.5%, slightly smaller than that in July 2023 (1.6%).   

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending August 2023 was 0.1%, the same as that for the 3-month period ending July 2023. 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 1.8%, 1.7% and 1.8% respectively in August 2023, as compared to 1.9%, 1.8% and 1.8% respectively in July 2023. 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 1.5%, 1.4% and 1.6% respectively in August 2023, as compared to 1.6%, 1.5% and 1.6% respectively in July 2023.   

     On a seasonally adjusted basis, for the 3-month period ending August 2023, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.2%, 0.1% and 0.1% respectively. The corresponding rates of increase for the 3-month period ending July 2023 were all 0.1%. 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 2023 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of increase for the 3-month period ending July 2023 were all 0.1%.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in August 2023 for alcoholic drinks and tobacco (19.6%), clothing and footwear (6.6%), electricity, gas and water (5.7%), meals out and takeaway food (3.7%), miscellaneous services (2.4%), miscellaneous goods (2.2%), transport (1.5%), and housing (0.8%).   

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in August 2023 for durable goods (-2.5%) and basic food (-0.1%).   

     Taking the first 8 months of 2023 together, the Composite CPI rose by 1.9% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.0%, 1.8% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.8%, 1.6% and 1.8% respectively.   

     For the 3 months ending August 2023, the Composite CPI rose by 1.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 1.8% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.6%, 1.6%, 1.5% and 1.6% respectively.   

     For the 12 months ending August 2023, the Composite CPI was on average 2.1% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.5%, 1.9% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.8%, 1.8%, 1.7% and 1.8% respectively.   

Commentary

     A Government spokesman said that the underlying consumer price inflation remained moderate in August. Prices of electricity continued to rise notably over a year earlier, but the rate of increase eased further. Prices of clothing and footwear as well as meals out and takeaway food continued to register visible increases. Price pressures on other major components remained broadly in check.

     Looking ahead, overall inflation should stay moderate in the near term. External price pressures are likely to abate further. While domestic business cost might face some upward pressures alongside the further revival of economic activities, it should remain largely moderate in the near term. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for August 2023 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 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 statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     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 21, 2023
Issued at HKT 16:30

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