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Monday, June 11, 1973
AVERAGE PRICE RISE OF 6 PER CENT IN 1972
The general price level in Hong Kong rose by an estimated average
of 6.4 per cent during 1972, according to a review of the Hong Kong Consumer
Price Index.
The figure compares with rises of 3.5 per cent in 1971, 5.7 per cent
in 1970 and five per cent in 1969..
An account of the movements of the index, the influencing factors
and comparative figures are contained in a special article in the Hong Kong
Monthly Digest of Statistics,
The review points out that the General Consumer Price Index "which
had moved upward relatively slowly in 1971, showed a faster upward movement
in 1972".
It says that fluctuations in the index during the year were largely
influenced by movements in prices of foodstuffs, especially when supplies
were affected by typhoons and rainstorms during the summer.
Despite these fluctuations, the review says, the underlying trend
was upwards.
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The article reveals that the largest increase in prices of foodstuffs
was for fresh vegetables, which rose by 20 per cent over that of 1971.
Illustrating some of the fluctuations, the review says that the General
Consumer Price Index rose to 142 in June last year, from 138 the previous
month, due to the sharp increase in food prices caused by the rainstorm.
In September it rose to a new peak of 143, brought about by an
unusual drop in the supply of fresh vegetables. The "high" was again reached
in November due to a typhoon threat at the beginning of the month.
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