The Census and Statistics Department (C&SD) released today (June 21) the Consumer Price Index (CPI) figures for May 2022. According to the Composite CPI, overall consumer prices rose by 1.2% in May 2022 over the same month a year earlier, smaller than the corresponding increase (1.3%) in April 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 May 2022 was 1.7%, larger than that in April 2022 (1.6%). The larger increase was mainly due to the enlarged increases in electricity charges as well as the costs for meals out and takeaway food.   

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

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.8%, 1.3% and 1.6% respectively in May 2022, as compared to 1.1%, 1.3% and 1.6% respectively in April 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 1.7%, 1.7% and 1.8% respectively in May 2022, as compared to 1.6%, 1.5% and 1.7% respectively in April 2022.    

     On a seasonally adjusted basis, for the 3-month period ending May 2022, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.0%, 0.1% and 0.2% respectively. The corresponding rates of change for the 3-month period ending April 2022 were 0.2%, 0.0% and 0.1% 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 May 2022 were 0.2%, 0.2% and 0.3% respectively, and the corresponding rates of increase for the 3-month period ending April 2022 were 0.3%, 0.1% and 0.2% respectively.    

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in May 2022 for clothing and footwear (5.6%); basic food (4.9%); meals out and takeaway food (3.5%); durable goods (1.7%); transport (1.5%); miscellaneous services (1.3%); alcoholic drinks and tobacco (1.1%) and miscellaneous goods (0.6%).    

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in May 2022 for electricity, gas and water (-4.9%) and housing (-0.5%).    

     Taking the first 5 months of 2022 together, the Composite CPI rose by 1.4% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.3%, 1.4% and 1.6% 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 3 months ending May 2022, the Composite CPI rose by 1.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.3%, 1.4% and 1.7% 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 1.7% respectively.    

     For the 12 months ending May 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 2.2%, 1.4% and 1.5% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.3%, 1.3%, 1.1% and 1.3% respectively.  

Commentary

     A Government spokesman said that the underlying consumer price inflation rate edged up to 1.7% in May. Prices of clothing and footwear as well as meals out and takeaway food recorded accelerated increases amid the stable local epidemic situation in the month. Prices of energy-related items continued to increase sharply. The increase in basic food prices moderated further but remained visible. Price pressures on other major CPI components stayed broadly in check. 

     External price pressures are expected to remain notable amid the rampant inflation in some major import sources. Yet, with domestic cost pressures remaining mild, overall inflation should stay 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 May 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 May 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/Tuesday, June 21, 2022
Issued at HKT 16:30

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