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The Census and Statistics Department (C&SD) released today (January 20) the Consumer Price Index (CPI) figures for December 2010. According to the Composite CPI, overall consumer prices rose by 3.1% in December 2010 over the same month a year earlier, larger than the corresponding increase (2.9%) in November 2010. 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 December 2010 was 2.8%, larger than that in November (2.6%), mainly due to the enlarged increases in private housing rentals, as well as the costs for meals bought away from home.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from October to December 2010 was 1.0%, the same as that for the 3-month period from September to November 2010. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the underlying Composite CPI for the 3-month period from October to December 2010 was 0.4%, the same as that for the 3-month period from September to November 2010.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.5%, 3.0% and 2.7% respectively in December 2010, which compared to 3.4%, 2.8% and 2.6% respectively in November. 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 3.0%, 2.7% and 2.7% respectively in December 2010, which compared to 2.7%, 2.5% and 2.5% respectively in November.
On a seasonally adjusted basis, for the 3-month period from October to December 2010, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 1.8%, 0.7% and 0.4% respectively. The corresponding rates of increase for the 3-month period from September to November 2010 were 1.9%, 0.7% and 0.4%. Netting out the effects of all Government’s one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from October to December 2010 were all 0.4%, same as those for the 3-month period from September to November 2010.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2010 for electricity, gas and water (13.0% in the Composite CPI and 17.3% in the CPI(A) , mainly because some households had used up the full amount of Government's one-off electricity charge subsidy); food (excluding meals bought away from home) (6.4% in both the Composite CPI and CPI(A)); clothing and footwear (3.4% in the Composite CPI and 0.9% in the CPI(A)); transport (3.0% in the Composite CPI and 1.7% in the CPI(A)); meals bought away from home (2.8% in the Composite CPI and 2.7% in the CPI(A)); miscellaneous goods (2.8% in the Composite CPI and 2.4% in the CPI(A)); housing (2.5% in the Composite CPI and 3.0% in the CPI(A)); miscellaneous services (1.9% in the Composite CPI and 1.8% in the CPI(A)) and alcoholic drinks and tobacco (0.7% in the Composite CPI and 0.6% in the CPI(A)).
On the other hand, year-on-year decreases in prices were recorded in December 2010 for durable goods (-2.9% in the Composite CPI and -2.2% in the CPI(A)).
In the fourth quarter of 2010, the Composite CPI rose by 2.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.3%, 2.8% and 2.4% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.6%, 2.7%, 2.5% and 2.4% respectively.
For 2010 as a whole, the Composite CPI was on average 2.4% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.7%, 2.4% and 2.1%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.8%, 1.7% and 1.7% respectively.
Commentary
A Government spokesman says that the underlying consumer price inflation went up slightly further in December last year, amid the brisk economic expansion. The spokesman notes that the underlying consumer price inflation averaged at 1.7% for 2010 as a whole, the same as the Government's earlier forecast.
The spokesman comments further that the economy is likely to face with higher inflationary pressures in the coming months, due partly to the pick-up in import prices amid rising global food and commodity prices and partly to the gradual building up of domestic price pressures along with the strong pace of economic expansion. The Government will continue to monitor the inflation situation closely, especially the impact on lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for December 2010 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of one-off 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 and seasonally adjusted data series) are available in the monthly reports. Users can download the December 2010 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/
statistical_report/prices_household_expenditure/index.jsp). Print version of this publication is available for sale at HK$63 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 the publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Thursday, January 20, 2011
Issued at HKT 16:31
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