Hong Kong Overall Consumer Prices Rise by 1.3% in April 2007
Source: ccct Date: 2007-05-22
The Census and Statistics Department (C&SD) released the Consumer Price Index (CPI) figures for April 2007. According to the Composite CPI, overall consumer prices rose by 1.3% in April 2007 over a year earlier, smaller than the 2.4% increase in March.
The smaller year-on-year increase in the Composite CPI in April 2007 than in March was mainly attributable to the Budget measure of rates concession for the first two quarters of 2007/08 (i.e. April to September 2007). Netting out this factor, the year-on-year increase in the Composite CPI was 2.4%, same as the increase in March. This measure would continue to carry impact on the CPI until September this year.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 0.7%, 1.3% and 1.9% respectively in April 2007. Netting out the effect of the rates concession, the year-on-year increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 2.3% and 2.8% respectively in April, similar to the corresponding increases of 2.2%, 2.3% and 2.7% in March.
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 April 2007, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were -0.2%, -0.3%, -0.2% and -0.1% respectively. The corresponding rates of change for the 3-month period ended March 2007 were all +0.2%.
Amongst the various CPI components, year-on-year increases in prices were recorded in April 2007 for food (excluding meals bought away from home) (4.3% in the Composite CPI and 4.5% in the CPI(A)), clothing and footwear (4.1% in the Composite CPI and 2.4% in the CPI(A)), miscellaneous services (2.4% in the Composite CPI and 0.9% in the CPI(A)), miscellaneous goods (2.2% in the Composite CPI and 2.5% in the CPI(A)).
On the other hand, year-on-year declines in prices were recorded in April 2007 for durable goods (-4.9% in both the Composite CPI and CPI(A)).
As for housing, the Composite CPI rose by 0.9% over a year earlier but the CPI(A) fell by 0.4%. Taking the first four months of 2007 together, the Composite CPI rose by 1.6% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 0.4%, 1.8% and 2.6%.
For the 3 months ended April 2007, the Composite CPI rose by 1.5% over a year earlier, The corresponding changes in the CPI(A), CPI(B) and CPI(C) were -0.1%, +1.8% and +2.7%.
For the 12 months ended April 2007, the Composite CPI was on average 2.0% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 2.1% and 2.5%.
