The Census and Statistics Department (C&SD) released July 20 the Consumer Price Index (CPI) figures for June 2007. According to the Composite CPI, overall consumer prices rose by 1.3% in June 2007 over a year earlier, larger than the 1.2% increase in May.
The larger year-on-year increase in the Composite CPI in June 2007 than in May was mainly due to the enlarged increase in the prices of pork.
Meanwhile, the Budget measure of rates concession for the first two quarters of 2007/08 (i.e. April to September 2007) continued to carry effect in June. Netting out this factor, the year-on-year increase in the Composite CPI was 2.4%. This measure would continue to carry impact on the CPI until September this year.
Analysed by sub-index, the year-on-year rates of change in the CPI(A), CPI(B) and CPI(C) were +0.8%, +1.4% and +1.9% respectively in June 2007, which compared to +0.7%, +1.3% and +1.7% respectively in May. Netting out the effect of the rates concession, the year-on-year changes in the CPI(A), CPI(B) and CPI(C) were +2.2%, +2.4% and +2.7% respectively in June.
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 June 2007, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were -0.1%, -0.2%, -0.1% and +0.1% respectively. The corresponding rates of change for the 3-month period ended May 2007 were +0.6%, +1.7%, +0.2% and -0.1%.
Amongst the various CPI components, year-on-year increases in prices were recorded in June 2007 for clothing and footwear (4.0% in the Composite CPI and 1.5% in the CPI(A)) and miscellaneous goods (1.8% in the Composite CPI and 1.9% in the CPI(A)).
On the other hand, year-on-year declines in prices were recorded in June 2007 for durable goods (-4.5% in the Composite CPI and -4.9% in the CPI(A)). As for transport, the Composite CPI fell by 0.2% over a year earlier but the CPI(A) rose by 0.3%.
For the first half of 2007 as a whole, the Composite CPI rose by 1.5% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 0.5%, 1.7% and 2.3%.
In the second quarter of 2007, the Composite CPI rose by 1.3% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 0.7%, 1.3% and 1.8% respectively.
For the 12 months ended June 2007, the Composite CPI was on average 1.9% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.2%, 2.0% and 2.4%.
