14
Wednesday, March 1, 1972
FOUR PER CENT RISE IN CONSUMER PRICE INDEX EXPECTED IN 1972
Budget Speech Of Financial Secretary
The rise in the Consumer Price Index in 1972 is expected to
be about the same as in 1971 - an increase of only four per cent.
This was stated in the Legislative Council today by the Financial Secretary, Mr. C.P. Haddon-Cave, when presenting his Budget
proposals.
The Consumer Price Index, after rising by three per cent in 1969 and seven per cent in 1971, registered only a four per cent
increase in 1971.
The Government's decision in 1971 to maintain the gold parity
of the Hong Kong dollar, he told Legislative Council, "will mean that
import prices will be relatively stable, thus protecting both industrial
coats and the cost of living.
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Speaking on the situation in the monetary sector, the Financial Secretary said the general picture revealed by the basic statistics was one of great strength and a tribute to the banking community.
Currency in circulation at the end of 1971 was $2,932 million → an increase of nearly 14 per cent on December, 1970 when it was
$2,578 million.
Extra currency issues for the 1971/72 Christmas and Lanar New Year holidays amounted to $638 million compared with $615 million
in 1970/71 and 3459 million in 1969/70.
/Repeating the .....