HK Last Dec CPI Growth Widens to 1.7% YoY; Full-year Underlying Inflation Eases to 1.7%
The Census and Statistics Department (C&SD) released today (January 23) the Consumer Price Index (CPI) figures for December 2017. According to the Composite CPI, overall consumer prices rose by 1.7% in December 2017 over the same month a year earlier, slightly larger than the corresponding increase (1.6%) in November 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 December 2017 was also 1.7%, slightly larger than that in November 2017 (1.6%), mainly due to the smaller decreases in the prices of fresh vegetables. Also relevant was the enlarged increases in the costs for meals bought away from home.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.6% and 1.9% respectively in December 2017, as compared to 1.5%, 1.5% and 1.7% respectively in November 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 1.6%, 1.6% and 1.9% respectively in December 2017, as compared to 1.5%, 1.5% and 1.7% respectively in November 2017.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2017 for meals bought away from home (2.8% in both the Composite CPI and CPI(A)), housing (2.5% in both the Composite CPI and CPI(A)), food (excluding meals bought away from home) (1.8% in the Composite CPI and 1.3% in the CPI(A)), transport (1.7% in the Composite CPI and 0.8% in the CPI(A)), clothing and footwear (1.4% in the Composite CPI and 1.2% in the CPI(A)) as well as miscellaneous goods (1.3% in the Composite CPI and 1.9% in the CPI(A)).
On the other hand, year-on-year decreases in prices were recorded in December 2017 for durable goods (-1.4% in the Composite CPI and -2.0% in the CPI(A)) as well as alcoholic drinks and tobacco (-0.3% in the Composite CPI and -0.1% in the CPI(A)).
As for miscellaneous services, the Composite CPI rose by 0.1% over a year earlier but the CPI(A) fell by 1.0%. However, for electricity, gas and water, the Composite CPI remained unchanged over a year earlier but the CPI(A) rose by 1%.
For 2017 as a whole, the Composite CPI was on average 1.5% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.4% and 1.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.9%, 1.6% and 1.6% respectively.
A Government spokesman said that consumer price inflation remained moderate in December 2017, though being slightly higher than in the previous month. For 2017 as a whole, the underlying inflation rate averaged 1.7%, down from 2.3% in 2016, representing the sixth consecutive year of easing in inflation.
The spokesman commented further that, looking ahead, inflation pressure should remain moderate in the near term, considering the still-modest global inflation and steady rises in local costs. Nevertheless, going further ahead, inflation pressure may increase somewhat if the global economic upturn continues and the local economy sustains notable growth. The Government will continue to monitor the inflation developments closely, particularly the impact on the lower-income people.
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 December 2017 was also 1.7%, slightly larger than that in November 2017 (1.6%), mainly due to the smaller decreases in the prices of fresh vegetables. Also relevant was the enlarged increases in the costs for meals bought away from home.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.6% and 1.9% respectively in December 2017, as compared to 1.5%, 1.5% and 1.7% respectively in November 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 1.6%, 1.6% and 1.9% respectively in December 2017, as compared to 1.5%, 1.5% and 1.7% respectively in November 2017.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2017 for meals bought away from home (2.8% in both the Composite CPI and CPI(A)), housing (2.5% in both the Composite CPI and CPI(A)), food (excluding meals bought away from home) (1.8% in the Composite CPI and 1.3% in the CPI(A)), transport (1.7% in the Composite CPI and 0.8% in the CPI(A)), clothing and footwear (1.4% in the Composite CPI and 1.2% in the CPI(A)) as well as miscellaneous goods (1.3% in the Composite CPI and 1.9% in the CPI(A)).
On the other hand, year-on-year decreases in prices were recorded in December 2017 for durable goods (-1.4% in the Composite CPI and -2.0% in the CPI(A)) as well as alcoholic drinks and tobacco (-0.3% in the Composite CPI and -0.1% in the CPI(A)).
As for miscellaneous services, the Composite CPI rose by 0.1% over a year earlier but the CPI(A) fell by 1.0%. However, for electricity, gas and water, the Composite CPI remained unchanged over a year earlier but the CPI(A) rose by 1%.
For 2017 as a whole, the Composite CPI was on average 1.5% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.4% and 1.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.9%, 1.6% and 1.6% respectively.
A Government spokesman said that consumer price inflation remained moderate in December 2017, though being slightly higher than in the previous month. For 2017 as a whole, the underlying inflation rate averaged 1.7%, down from 2.3% in 2016, representing the sixth consecutive year of easing in inflation.
The spokesman commented further that, looking ahead, inflation pressure should remain moderate in the near term, considering the still-modest global inflation and steady rises in local costs. Nevertheless, going further ahead, inflation pressure may increase somewhat if the global economic upturn continues and the local economy sustains notable growth. The Government will continue to monitor the inflation developments closely, particularly the impact on the lower-income people.
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