MONDAY, NOVEMBER 21, 1994
CONSUMER PRICE INDICES FOR OCTOBER 1994
THE CONSUMER PRICE INDEX (A) IN OCTOBER WAS 7.9% HIGHER THAN IN OCTOBER 1993, ACCORDING TO FIGURES RELEASED TODAY (MONDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
THIS REPRESENTED A FURTHER MODERATION FROM INCREASES OF 9.8% IN AUGUST AND 8.6% IN SEPTEMBER.
THE CORRESPONDING
COMMENTING ON THE CPI FIGURES, A GOVERNMENT SPOKESMAN SAID: "THE SLOWER INCREASE IN THE CPI(A) IN OCTOBER WAS MAINLY BECAUSE OF A FURTHER MODERATION IN THE PRICES OF VEGETABLES, WHICH DECREASED BY 26% IN OCTOBER 1994 WHEN COMPARED WITH OCTOBER 1993.
"THE VOLATILE FOOD COMPONENT APART, THE YEAR-ON-YEAR RATES OF INCREASE IN THE PRICES OF MOST OTHER COMPONENTS OF THE CPI REMAINED BROADLY SIMILAR TO THOSE RECORDED IN THE PREVIOUS MONTH.
"THE CLOTHING AND FOOTWEAR COMPONENT HAD A FASTER PRICE INCREASE THAN IN THE PREVIOUS MONTH, AND THIS WAS DUE PARTLY ΤΟ HIGHER IMPORT PRICES FOR SUCH ITEMS.
"THOSE COMPONENTS IN THE CPI WHICH RECORDED FASTER-THAN-AVERAGE INCREASES IN PRICES, THEREBY CONTRIBUTING MORE TO OVERALL INFLATION THAN THE OTHER COMPONENTS, CONTINUED TO BE HOUSING RENTALS, VARIOUS CONSUMER SERVICES, TRANSPORT, AND CLOTHING AND FOOTWEAR.
"TAKING THE FIRST 10 MONTHS TOGETHER, THE INCREASE IN THE CPI(A) AVERAGED AT 8.0%. THIS WAS LOWER THAN THE AVERAGE INCREASE OF 8.5% IN 1993 AND THE OFFICIAL FORECAST ALSO OF 8.5% FOR 1994 AS A WHOLE," THE SPOKESMAN ADDED.
THE YEAR-ON-YEAR RATES OF INCREASE IN THE CONSUMER PRICE INDEX (B) AND THE HANG SENG CPI WERE 9.0% AND 10.5% RESPECTIVELY IN OCTOBER 1994. THE CORRESPONDING INCREASES IN SEPTEMBER 1994 WERE 9.0% AND 10.2% RESPECTIVELY.
HANG
THE SLIGHTLY FASTER YEAR-ON-YEAR RATE OF INCREASE IN THE SENG CPI IN OCTOBER THAN IN SEPTEMBER WAS MAINLY BECAUSE OF A MORE RAPID INCREASE IN CHARGES FOR MEALS BOUGHT AWAY FROM HOME AND IN PRICES OF OUTERCLOTHING, WHICH MORE THAN OFFSET THE EFFECT OF LOWER VEGETABLE PRICES.
THE COMPOSITE CPI, WHICH IS COMPILED BASED ON THE COMBINED EXPENDITURE PATTERN OF HOUSEHOLDS COVERED BY THE THREE CPIS, SHOWED AN INCREASE OF 9.0% IN OCTOBER 1994 OVER THE SAME MONTH IN 1993. THIS WAS SLIGHTLY LOWER THAN THE CORRESPONDING INCREASE OF 9.2% IN
SEPTEMBER.
COMPARING OCTOBER 1994 WITH OCTOBER 1993, RELATIVELY SLOWER PRICE INCREASES THAN THE OVERALL AVERAGE WERE RECORDED FOR FOOD (EXCLUDING MEALS BOUGHT AWAY FROM HOME) (1.3% IN THE CPI(A) AND 2.2% AND
THE CPI(B)); DURABLE GOODS (3.2% AND 3.3%); ALCOHOLIC DRINKS TOBACCO (3.3% AND 4.2%); FUEL AND LIGHT (5.1% AND 5.2%); AND MEALS BOUGHT AWAY FROM HOME (7.6% AND 7.5%).
/ON THE