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Consumer Price Indices for January 1995
The Consumer Price Index (A) in January 1995 was 10.1% higher than in January 1994, according to figures released today (Tuesday) by the Census and Statistics Department. The corresponding increase in December 1994 was 8.9%. Commenting on the figures, a Government spokesman pointed out that the faster increase in the CPI(A) in January was largely a seasonal phenomenon.
In particular, the prices of some essential food items as well as charges for hair- dressing and package tours rose as the Lunar New Year was approaching, he said.
Comparing January 1995 with January 1994, the prices of vegetables and salt- water fish showed increases of 30% and 14% respectively.
The seasonal price surge was compounded by a difference in the timing of the Lunar New Year, which fell at end-January this year but near mid-February last year, thereby giving a low base of comparison for the January 1995 CPI figures. In January 1994, the increase in the CPI(A) was only 6.2%.
The rate of increase in the Consumer Price Index (B) also rose, from 9.5% in December 1994 to 10.4% in January 1995.
As regards the Hang Seng CPI, which has a comparatively smaller weighting for fresh food items, a moderation in the charges of meals bought away from home and in the prices of outerclothing offset the effect of faster increase in food prices.
The rate of increase in the Hang Seng CPI thus remained at 10.3% in January.
The Composite CPI, which is compiled based on the combined expenditure pattern of households covered by the three CPIs, showed an increase of 10.3% in January 1995 over the same month in 1994. This was also higher than the corresponding increase of 9.5% in December last year.
Comparing January 1995 with January 1994, relatively faster price increases than the overall average were recorded for housing (12.5% in the CPI(A) and 14.2% in the CPI(B)); miscellaneous services (13.6% and 13.1%); food (excluding meals bought away from home) (11.5% and 10.6%); and clothing and footwear (10.2% and 10.9%).