XN000022-1993-01-26 — Page 2

TUESDAY, JANUARY 26, 1993

1

CONSUMER PRICE INDICES FOR DECEMBER 1992

1992

THE CONSUMER PRICE INDEX (A) WAS 9.4% HIGHER IN DECEMBER IN DECEMBER 1991, ACCORDING TO THE FIGURES RELEASED TODAY (TUESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

THAN

THIS WAS LOWER THAN THE INCREASE OF 9.5% IN OCTOBER, THOUGH HIGHER THAN THE INCREASE OF 9.2% IN NOVEMBER.

THE CPI(B) AND THE HANG SENG CPI WERE BOTH HIGHER BY 9.7% IN DECEMBER 1992 THAN IN DECEMBER 1991. THE CORRESPONDING INCREASES IN OCTOBER WERE 10% AND 9.5%, AND IN NOVEMBER WERE 9.6% AND 9.5%.

THE COMPOSITE CPI, WHICH WAS COMPILED BASED ON THE COMBINED EXPENDITURE PATTERN OF HOUSEHOLDS COVERED BY THE THREE CPIS, SHOWED AN INCREASE OF 9.6% IN DECEMBER 1992 OVER THE SAME MONTH IN 1991. THE CORRESPONDING INCREASE IN OCTOBER WAS 9.7% AND IN NOVEMBER WAS 9.4%.

FOR 1992 AS A WHOLE, CPI(A) AVERAGED AT 9.4%.

COMMENTING ON THE FIGURES, THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID IT WAS ENCOURAGING THAT THE INFLATION RATE FOR 1992 WAS ON TARGET AND CONTAINED WITHIN SINGLE DIGIT.

1991,

"INDEED, IT WAS SLIGHTLY BELOW OUR EARLIER FORECAST OF 9.5%. THIS WAS A SIGNIFICANT IMPROVEMENT FROM THE FIGURE OF 12% FOR HE ADDED.

CPIS

THE SLIGHTLY HIGHER YEAR-ON-YEAR RATES OF INCREASE IN THE IN DECEMBER THAN IN NOVEMBER WERE MAINLY DUE TO HIGHER PRICES OF FRESH VEGETABLES AND LIVE POULTRY AND HIGHER RENT FOR SOME PRIVATE AND PUBLIC HOUSING UNITS.

COMPARING DECEMBER 1992 WITH DECEMBER 1991, RELATIVELY SLOWER INCREASES IN PRICES WERE RECORDED FOR DURABLE GOODS 12.2% IN THE CPI (A) AND 2.1% IN THE CPI(B)}; FOOD (EXCLUDING MEALS AT RESTAURANTS) {4.3% IN BOTH CPI(A) AND CPI(R)); MISCELLANEOUS GOODS (6.2% IN THE CPI(A) AND 5.8% IN THE CPI(B)}; TRANSPORT (6.2% AND 6.9%); FUEL AND LIGHT (6.3% AND 6%); AND CLOTHING AND FOOTWEAR (8.9% AND 8.8%).

ON THE OTHER HAND, RELATIVELY FASTER INCREASES IN PRICES WERE RECORDED FOR HOUSING (15.8% IN THE CPL(A) AND 15,7% IN THE CPI(B)); ALCOHOLIC DRINKS AND TOBACCO (14.5% AND 13.2%); SERVICES (11.9% AND 10.6%); AND MEALS AT RESTAURANTS (9.8% IN BOTH CPI(A) AND CPI(B)).

COMPARING DECEMBER 1992 WITH NOVEMBER 1992, THE CPI(A) AND CPI (B) BOTH INCREASED BY 0.6%, WHILE THE HANG SENG CPI INCREASED BY 0.1%.

THIS COMPARISON WAS, HOWEVER, AFFECTED BY SEASONAL FACTORS.

/THE INCREASES