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The Census and Statistics Department (C&SD) released today (January 20) the Consumer Price Index (CPI) figures for December 2005. According to the Composite CPI, overall consumer prices rose by 1.8% in December 2005 over a year earlier, slightly larger than the 1.7% increase in November.
2. The larger year-on-year increase in the Composite CPI in December 2005 than in November 2005 was mainly attributable to the enlarged increases in private housing rentals as well as the prices of jewellery.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.9% and 1.9% respectively in December 2005, also larger than the corresponding increases of 1.5%, 1.8% and 1.7% in November.
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 December 2005, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.2%, same as those for the 3-month period ended November 2005.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in December 2005 for miscellaneous goods (4.1% in the Composite CPI and 1.7% in the CPI(A)), electricity, gas and water (3.7% in both the Composite CPI and CPI(A)), housing (3.1% in the Composite CPI and 2.7% in the CPI(A)), food (excluding meals bought away from home) (2.4% in the Composite CPI and 2.9% in the CPI(A)), transport (1.9% in the Composite CPI and 1.7% in the CPI(A)), miscellaneous services (1.3% in the Composite CPI and 0.7% in the CPI(A)) and meals bought away from home (1.1% in the Composite CPI and 1.4% in the CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in December 2005 for durable goods (-2.4% in the Composite CPI and -2.3% in the CPI(A)) and clothing and footwear (-1.6% in the Composite CPI and -1.7% in the CPI(A)).
7. As for alcoholic drinks and tobacco, the prices remained unchanged in the Composite CPI, but decreased by 0.1% in the CPI(A).
8. In the fourth quarter of 2005, the Composite CPI rose by 1.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.8% and 1.8% respectively.
9. For 2005 as a whole, the Composite CPI was on average 1.1% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.2%, 1.1%, and 1.0%.
Commentary
10. A Government Secretariat spokesman noted that consumer price inflation remained benign through to the end of 2005. While private housing rentals picked up further in December, prices of non-housing items taken together recorded only a modest increase. Consumer prices are likely to continue creeping up in the months ahead, on the back of sustained solid economic growth. Nevertheless, the continued expansion in production capacity brought about by rising productivity would help mitigate the pressure on prices 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 December 2005 issue of the Monthly Report on the Consumer Price Index is now on sale at HK$37 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/Friday, January 20, 2006
Issued at HKT 16:16
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