The Census and Statistics Department (C&SD) released on January 22 the Consumer Price Index (CPI) figures for December 2006. According to the Composite CPI, overall consumer prices rose by 2.3% in December 2006 over a year earlier, larger than the 2.2% increase in November 2006.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 2.3% and 2.7% respectively in December 2006, also larger than the corresponding increases of 1.8%, 2.2% and 2.6% in November 2006.
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 December 2006, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.2%. The corresponding rates of change for the 3-month period ended November 2006 were 0.1%, virtually nil, 0.1% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2006 for clothing and footwear (6.4% in the Composite CPI and 6.3% in the CPI(A)).
The index for clothing and footwear in the Composite CPI was 108.4.
The year-on-year rate of change in the index for clothing and footwear in the Composite CPI was +6.4%.
The index for clothing and footwear in the CPI(A) was 107.8.
The year-on-year rate of change in the index for clothing and footwear in the CPI(A) was +6.3%.
The index for clothing and footwear in the CPI(B) was 107.7.
The year-on-year rate of change in the index for clothing and footwear in the CPI(B) was +6.2%.
The index for clothing and footwear in the CPI(C) was 109.8.
The year-on-year rate of change in the index for clothing and footwear in the CPI(C) was +6.7%.
In the fourth quarter of 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%, 2.2% and 2.5% respectively.
For 2006 as a whole, 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 1.7%, 2.1% and 2.2%.
The spokesman added further that the current inflation rate is still moderate and likely to stay so in the coming months, benefiting from the continued productivity increase in Hong Kong and the recent fall in oil prices. However, the impact of the weakening of the Hong Kong dollar along with the US dollar and the gradual appreciation of the renminbi on imported inflation, though rather modest up till now, is an area to watch out.
Census and Statistics Department, Hong Kong
