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Consumer price indices for February
The Consumer Price Index (A) was 6.6% higher in February 1996 than a year ago. The corresponding rate of increase in January was 5.9%, according to the latest CPIs released by the Census and Statistics Department today (Thursday).
The rates of increase in the Consumer Price Index (B) and the Hang Seng CPI were also higher in February than in January - 7.3% against 6.8% for CPI(B); and 8.2% against 7.9% for Hang Seng CPI.
The Composite CPI, which is compiled based on the combined expenditure pattern of all households, showed an increase of 7.3% in February 1996, against 6.8% in January.
A government spokesman said reflecting a general moderation in inflationary pressures from both domestic and imported sources, the prices of most consumer items continued to show less rapid increases in February.
These included clothing and footwear, durable goods, alcoholic drinks and tobacco, housing cost, fuel and light, and meals away from home.
The faster year-on-year rate of increase in CPI in February than in January was mainly due to the festival effect, in particular, the difference in timing of the Chinese New Year, which occurred in mid-February this year, but in end January/early February last year.
While the prices of a number of basic food items and the charges for hair- dressing and package tours were generally higher before the festival, the unusually cold weather in the latter part of February also caused a temporary upsurge in the prices of vegetables.
These together had lifted the increase in CPI in February on a year-on-year comparison.
Taking the first two months of the year together, the increase in CPI(A) averaged 6.2% over a year earlier. The respective increase was 7.1% for CPI(B), 8% for Hang Seng CPI and 7% for Composite CPI. They were all significantly slower than the corresponding average increases of 8.7%, 9.2%, 9.6% and 9.1% in 1995.
Analysed by component, relatively faster year-on-year price increase than the overall average was recorded in February for housing (10.4% in CPI(A), 11.4% in CPI(B), 13.9% in Hang Seng CPI and 11.9% in Composite CPI).