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    News Details
     
    Consumer Price Indices for June 2017
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         The Census and Statistics Department (C&SD) released today (July 20) the Consumer Price Index (CPI) figures for June 2017. According to the Composite CPI, overall consumer prices rose by 1.9% in June 2017 over the same month a year earlier, slightly smaller than the corresponding increase (2.0%) in May 2017. 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 June 2017 was also 1.9%, slightly smaller than that in May 2017 (2.0%), mainly due to the decreases in the charges for package tours.

         On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period from April to June 2017 was 0.2%, and that for the three-month period from March to May 2017 was 0.3%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the three-month period from April to June 2017 was 0.2%, and that for the three-month period from March to May 2017 was 0.3%.

         Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.3%, 1.8% and 1.8% respectively in June 2017, as compared to 2.3%, 1.8% and 1.9% respectively in May 2017. 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 2.3%, 1.7% and 1.8% respectively in June 2017, as compared to 2.3%, 1.8% and 1.9% respectively in May 2017.

         On a seasonally adjusted basis, for the three-month period from April to June 2017, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.2%. The corresponding rates of increase for the three-month period from March to May 2017 were 0.3%, 0.3% 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 three-month period from April to June 2017 were all 0.2%, and the corresponding rates of increase for the three-month period from March to May 2017 were 0.3%, 0.3% and 0.4% respectively.

         Amongst the various CPI components, year-on-year increases in prices were recorded in June 2017 for meals bought away from home (2.8% in the Composite CPI and 2.9% in the CPI(A)), housing (2.7% in the Composite CPI and 3.8% in the CPI(A)), transport (2.5% in the Composite CPI and 1.3% in the CPI(A)), food (excluding meals bought away from home) (1.9% in the Composite CPI and 1.8% in the CPI(A)), miscellaneous services (1.9% in the Composite CPI and 1.7% in the CPI(A)) and miscellaneous goods (1.5% in the Composite CPI and 2.1% in the CPI(A)).

         On the other hand, year-on-year decreases in prices were recorded in June 2017 for durable goods (-4.0% in the Composite CPI and -4.8% in the CPI(A)) as well as clothing and footwear (-1.4% in the Composite CPI and -1.3% in the CPI(A)).

         As for electricity, gas and water, the Composite CPI fell by 0.9% over a year earlier but the CPI(A) remained unchanged. As for alcoholic drinks and tobacco, the Composite CPI fell by 0.4% over a year earlier but the CPI(A) rose by 0.1%.

         For the first half of 2017 as a whole, the Composite CPI rose by 1.3% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.2%, 1.2% and 1.4%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.9%, 1.6% and 1.6% respectively in the first half of 2017 as a whole over a year earlier.

         In the second quarter of 2017, the Composite CPI rose by 2.0% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.3%, 1.8% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.0%, 2.2%, 1.8% and 1.9% respectively.

         For the 12 months ended June 2017, the Composite CPI was on average 1.7% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.0%, 1.6% and 1.6%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.9%, 2.2%, 1.8% and 1.7% respectively.

    Commentary

         A Government spokesman said that consumer price inflation remained moderate and eased slightly in June, as external price pressure stayed low and local costs continued to increase steadily. Looking ahead, the upside risks to inflation should be limited in the near term, considering that these developments are likely to sustain in the coming months. The Government will continue to monitor the inflation developments closely, particularly its impact on the lower-income people.

    Further information

         The CPIs and year-on-year rates of change at section level for June 2017 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 Government's one-off relief 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 three 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.

    Tables and chart

         For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
     
    Ends

    July 20, 2017

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