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The Census and Statistics Department (C&SD) released today (December 21) the Consumer Price Index (CPI) figures for November 2006. According to the new 2004/05-based series of Composite CPI, overall consumer prices rose by 2.2% in November 2006 over a year earlier, larger than the 2.0% increase in October.
The larger year-on-year increase in the Composite CPI in November 2006 than in October was mainly attributable to the enlarged increases in the prices of clothing and footwear as well as some basic foodstuff.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B), and CPI(C) rose by 1.8%, 2.2% and 2.6% respectively in November 2006, also larger than the corresponding increases of 1.7%, 2.1% and 2.1% in October.
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 November 2006, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were 0.1%, virtually nil, 0.1% and 0.2% respectively. The corresponding rates of increase for the 3-month period ended October 2006 were all 0.1%.
Amongst the various CPI components, year-on-year increases in prices were recorded in November 2006 for clothing and footwear (5.3% in the Composite CPI and 5.2% in the CPI(A)), housing (4.7% in the Composite CPI and 3.9% in the CPI(A)), food (excluding meals bought away from home) (3.4% in the Composite CPI and 3.8% in the CPI(A)), miscellaneous goods (2.6% in both the Composite CPI and CPI(A)), miscellaneous services (2.4% in the Composite CPI and 1.6% in the CPI(A)) and meals bought away from home (1.4% in the Composite CPI and 1.1% in the CPI(A)).
On the other hand, year-on-year declines in prices were recorded in November 2006 for durable goods (-6.4% in the Composite CPI and -7.0% in the CPI(A)), alcoholic drinks and tobacco (-4.6% in the Composite CPI and -4.9% in the CPI(A)), electricity, gas and water (-3.1% in the Composite CPI and -3.4% in the CPI(A)) and transport (-0.1% in both the Composite CPI and CPI(A)).
Taking the first eleven months of 2006 together, the Composite CPI rose by 2.0% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.1% and 2.2%.
For the 3 months ended November 2006, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.8%, 2.1% and 2.3% respectively.
For the 12 months ended November 2006, the Composite CPI was on average 1.9% higher than in the preceding 12 month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.0% and 2.1%.
Commentary
A Government spokesman pointed out that consumer price inflation edged up slightly in November, reflecting partly higher food inflation due to the pass-through of higher food prices in the Mainland and also the appreciation of renminbi. The underlying inflation was actually still largely stable, especially with the steady increase in housing cost.
The spokesman added further that while the strength of the renminbi and the recent weakening of the Hong Kong dollar along with the US dollar might give rise to some modest pick-up in imported inflation, the substantial fall-off in oil prices lately coupled with the sustained increase in productivity in Hong Kong should keep overall price pressures in check.
Further information
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.
Users can download the November 2006 issue of the Monthly Report on the Consumer Price Index free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is available for sale at HK$41 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_
publications/index.jsp). Print version of this publication is also available for sale online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at Tel: 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Thursday, December 21, 2006
Issued at HKT 16:15
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