The Census and Statistics Department (C&SD) released today (November 20) the Consumer Price Index
(CPI) figures for October 2014. According to the Composite CPI, overall consumer prices rose by 5.2% in October 2014 over the same month a year earlier, smaller than the corresponding increase (6.6%) in September 2014. The larger increase in September 2014 was attributable to the low base of comparison arising from the Government's payment of public housing rentals in September 2013, and such effect did not come into play in October 2014. 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 October 2014 was 3.4%, slightly larger than that in September (3.3%), mainly due to the smaller decreases in the prices of fresh vegetables.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 7.1%, 4.7% and 3.6% respectively in October 2014, which compared to 12.3%, 4.7% and 3.1% respectively in September. 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 4.1%, 3.2% and 2.7% respectively in October 2014, which compared to 4.0%, 3.2% and 2.8% respectively in September.
Amongst the various CPI components, year-on-year increases in prices were recorded in October 2014 for electricity, gas and water (26.1% in the Composite CPI and 31.4% in the CPI(A), mainly because some households had used up the full amount of Government's one-off electricity charge subsidy); housing (8.5% in the Composite CPI and 11.9% in the CPI(A), due mainly to dissipation of effect of rates concession in October); alcoholic drinks and tobacco (7.5% in the Composite CPI and 8.2% in the CPI(A), mainly due to the increase of tobacco duty); meals bought away from home (4.6% in the Composite CPI and 4.7% in the CPI(A)); food (excluding meals bought away from home) (3.6% in the Composite CPI and 3.5% in the CPI(A)); miscellaneous services (2.1% in both the Composite CPI and CPI(A)); transport (1.9% in the Composite CPI and 2.9% in the CPI(A)) and miscellaneous goods (1.9% in the Composite CPI and 2.0% in the CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in October 2014 for durable goods (-3.6% in the Composite CPI and -3.9% in the CPI(A)) and clothing and footwear (-0.6% in the Composite CPI and -1.0% in the CPI(A)).
A government spokesman said that underlying inflation held largely stable in recent period, having eased successively since late 2013. The headline inflation rate was higher than the underlying rate in October, because the Government's rates concession ended in October and some households had used up the full amount of the Government's one-off electricity charge subsidy.
The spokesman commented further that, looking ahead, upside inflation risks should remain contained in the near term, given the benign global inflation and moderate local cost pressures. The Government will continue to monitor the inflation developments closely and stay vigilant to their impact on the lower-income people.
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