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40.
Consumer prices
80.
The average consumer price level in 1976 as measured by the
New Consumer Price Index (A) was 3.4% higher them the average level in
1975. This represented some acceleration compared to the 1.2% increase
between 1974 and 1975. This relative stability was basically attributable
to stable import prices for foodstuffs and consumer goods. The import
unit value index for imported consumer goods for the first three quarters
of 1976 was 1.7% lower then for the corresponding period in 1975. On the
other hand, the non-food portion of the consumer price index in 1976 was
up by 4.1% compared with 1975, an increase attributable mainly to more
expensive consumer services and housing, there being only small increases
in prices of clothing and durable goods. The import unit value index of
foodstuffs for the first three quarters of 1976 was 1.6% higher than in
the corresponding period in 1975; this compared with an increase of 3.1%
in the food portion of the consumer price index for 1976 over 1975.
81.
These rates, taken together, indicated strong consumer demand
in 1976 resulting in larger price increases for doestically produced
goods and services for both of which the supply was to a certain extent
limited in the short run. On the other hand, the strong consumer demand
did not have my effect at all on immort prices as the supply of
imported "roducte was large in relation to demand. However, as the
Hong Kong dollar strengthened durig 1975 against other currencies and
retail prices of imported consumer goods remained constant in spite of
decreases in import prices, import, wholesale and retail margins might
have increased.
Table 39, Diagram 12
G.F. 323
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