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FC040/1616
easing of the rate of inflation in Hong Kong's major trading partners (2),
this explains the relatively stable rate of
this year.
However,
price increase in the first quarter of
quarter of this
had the Hong Kong dollar not depreciated in the last few
(3) months of 1982 and in the first quarter of 1983
the
slowing down in the rate of increase in prices would have been
more significant.
/
Import prices
6.3
Import prices for 1982 were on average 6% higher
than in 1981. According to the latest import unit value statistics, import prices increased by 4% during the twelve
months ending February 1983. This annual comparison, however,
conceals developments during the last six months. Import
prices rose by 7% during the six months ending February 1983,
compared with a decline of 3% during the previous six months.
/The
(2) Seasonally adjusted annual rate of price increase in Hong Kong's major
trading partners in 1981, 1982 and 1983:
CPI/Private consumption
expenditure deflator
GNP/GDP deflator
1981
1982
1983
1981
1982
(forecast)
1983 (forecast)
(8)
(8)
(8)
(8)
(*)
(૪)
United States
8.6
6.0
5.5
9.5
6.0
5.8
FR Germany
6.0
5.0
3.8
4.2
4.5
3.5
United Kingdom
10.9
8.5
6.0
12.1
7.8
5.8
Japan
4.5
2.8
3.3
2.8
2.3
3.0
OECD
9.4
7.5
6.8
8.9
7.5
6.8
(3)
Source: OECD Economic Outlook, December 1982.
For instance, the trade weighted exchange rate index for the Hong Kong dollar (18.12.71 = 100, 1981 weights) fell from 86.3 at the end of September 1982 to 78.4 at the end of March 1983.
38