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Consumer Price Indices for March 2012 http://www.censtatd.gov.hk/press_release/press_releases_on_statistics/index.jsp?sID=2933&sSUBID=20572&displayMode=D
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The Census and Statistics Department (C&SD) released today (April 23) the Consumer Price Index (CPI) figures for March 2012. According to the Composite CPI, overall consumer prices rose by 4.9% in March 2012 over the same month a year earlier, smaller than the average rate of increase in January and February 2012 (5.4%). 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 March 2012 was 5.6%, also smaller than the average rate of increase in January and February 2012 (6.1%), mainly due to the smaller increases in private housing rentals, the charges for package tours and the prices of cigarettes.

The year-on-year rate of increase in the Composite CPI in March 2012 (4.9%) was larger than the corresponding increase in February 2012 (4.7%). Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI in March 2012 (5.6%) was also larger than that in February 2012 (5.4%). Nonetheless, the February inflation figure was affected by the difference in timing of the Lunar New Year in 2011 and 2012.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from January to March 2012 was 0.4%, the same as that for the 3-month period from December 2011 to February 2012. Netting out the effects of all Government’s one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from January to March 2012 was 0.4%, the same as that for the 3-month period from December 2011 to February 2012.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 4.3%, 5.2% and 5.1% respectively in March 2012, which compared to the average rates of increase of 4.8%, 5.6% and 5.6% respectively in January and February 2012, and 4.2%, 4.9% and 4.7% respectively in February. 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 5.6%, 5.8% and 5.4% respectively in March 2012, which compared to the average rates of increase of 5.9%, 6.2% and 5.9% respectively in January and February 2012, and 5.5%, 5.5% and 5.0% respectively in February.

On a seasonally adjusted basis, for the 3-month period from January to March 2012, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.4%. The corresponding rates of increase for the 3-month period from December 2011 to February 2012 were 0.4%, 0.4% and 0.3%. 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 January to March 2012 were 0.4%, 0.4% and 0.3% respectively, same as those rates of increase for the 3-month period ended February 2012.

Amongst the various CPI components, year-on-year increases in prices were recorded in March 2012 for food (excluding meals bought away from home) (9.4% in the Composite CPI and 9.9% in the CPI(A)); housing (7.9% in the Composite CPI and 6.6% in the CPI(A)); meals bought away from home (5.9% in the Composite CPI and 6.0% in the CPI(A)); transport (4.3% in the Composite CPI and 4.0% in the CPI(A)); clothing and footwear (4.0% in the Composite CPI and 3.8% in the CPI(A)); miscellaneous goods (3.5% in the Composite CPI and 3.3% in the CPI(A)); miscellaneous services (2.4% in the Composite CPI and 1.1% in the CPI(A)) and alcoholic drinks and tobacco (1.1% in the Composite CPI and 1.2% in the CPI(A)).

On the other hand, year-on-year decrease in prices were recorded in March 2012 for electricity, gas and water (-18.6% in the Composite CPI and -23.6% in the CPI(A), largely as a result of the Government’s electricity charge subsidy) and durable goods (-1.3% in the Composite CPI and -1.4% in the CPI(A)).

In the first quarter of 2012, the Composite CPI rose by 5.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.6%, 5.5% and 5.4% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 5.9%, 5.8%, 6.1% and 5.7% respectively.

For the 12 months ended March 2012, the Composite CPI was on average 5.6% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 5.7%, 5.6% and 5.5%. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 5.8%, 5.9%, 5.9% and 5.7% respectively.

Commentary

A Government spokesman said that the year-on-year rate of underlying consumer price inflation receded further to 5.6% in March 2012, from the average of 6.1% in January and February combined. The latter figure is used for comparison because it avoided the distortions caused by the timing of the Lunar New Year. Slower year-on-year increases were seen across many major CPI components in March, reflecting a rather broad-based easing in price pressures.

The spokesman commented further that, looking ahead, with imported inflation gradually receding upon the peaking of global food and commodity prices last year and with a slowing local economy, inflation should come down further in the period ahead. The Government will continue to closely monitor the inflation situation, particularly its impact on the lower-income people.

Further information

The CPIs and year-on-year rates of change at section level for March 2012 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 March 2012 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).

For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or e-mail address cpi@censtatd.gov.hk.

Ends/Monday, April 23, 2012
Issued at HKT 16:30

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