XN000022-1994-02-22 — Page 2

TUESDAY, FEBRUARY 22, 1994

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CONSUMER PRICE INDICES FOR JANUARY 1994

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THE CONSUMER PRICE INDEX (A) IN JANUARY THIS YEAR WAS 6.2% HIGHER THAN IN JANUARY LAST YEAR, ACCORDING TO FIGURES RELEASED TODAY (TUESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

THIS WAS SIGNIFICANTLY LOWER THAN THE CORRESPONDING INCREASE OF 8.6% IN DECEMBER LAST YEAR AND WAS THE LOWEST SINCE NOVEMBER 1987.

A GOVERNMENT SPOKESMAN, HOWEVER, POINTED OUT THAT THE YEAR-ON- YEAR COMPARISON IN THE MONTH OF JANUARY IS DISTORTED BY THE DIFFERENCE IN TIMING OF THE LUNAR NEW YEAR, WHICH OCCURRED IN JANUARY LAST YEAR BUT IN FEBRUARY THIS YEAR.

THE INCREASE IN

HENCE, NOTWITHSTANDING THE MODERATION RECORDED IN JANUARY, WILL VERY LIKELY SHOW A FASTER YEAR-ON-YEAR RATE OF FEBRUARY.

CP1

"AS THE PRICES OF FRESH FOOD ITEMS IN JANUARY THIS YEAR WERE RELATIVELY LOW AND AS, BY CONTRAST, THEY WERE RELATIVELY HIGH NEAR THE LUNAR NEW YEAR PERIOD IN JANUARY LAST YEAR, THE FOOD COMPONENT INDEX OF THE CPI EXCLUDING EATING OUT SHOWED A DECLINE WHEN COMPARED BETWEEN THE TWO MONTHS, AND THIS HELPED TO DAMPEN THE OVERALL INCREASE IN THE CP," HE EXPLAINED.

9.0%

THE CPI(B) AND THE HANG SENG CPI WERE HIGHER BY 6.9% AND RESPECTIVELY IN JANUARY 1994 THAN IN JANUARY 1993. THE CORRESPONDING INCREASES IN DECEMBER 1993 WERE 8.5% AND 10.2%.

THE COMPOSITE CPI, WHICH IS COMPILED BASED ON THE COMBINED EXPENDITURE PATTERN OF HOUSEHOLDS COVERED BY THE THREE CPI'S, SHOWED AN INCREASE OF 7.2% IN JANUARY 1994 OVER THE SAME MONTH IN 1993. THIS WAS ALSO LOWER THAN THE CORRESPONDING INCREASE OF 9.0% IN DECEMBER 1993.

COMPARING JANUARY 1994 WITH JANUARY 1993, THE PRICES (EXCLUDING MEALS AT RESTAURANTS) REGISTERED DECREASES (-1.6% CPI(A) AND -0.9% IN THE CPI(B)).

OF FOOD IN THE

AMONG THE VARIOUS COMPONENT INDICES, RELATIVELY INCREASES IN PRICES WERE RECORDED FOR FUEL AND LIGHT (2.2% CPI(A) AND 2.3% IN THE CPI(B)); DURABLE GOODS (2.3% AND MISCELLANEOUS GOODS (6.9% AND 6.1%); AND CLOTHING AND FOOTWEAR AND 6.8%).

SLOWER IN THE 2.4%);

(6.9%

WERE

ON THE OTHER HAND, RELATIVELY FASTER INCREASES IN PRICES RECORDED FOR TRANSPORT (9.9% IN THE CPI(A) AND 9.6% IN THE CPI (B)); HOUSING (9.8% AND 10.3%); AND MISCELLANEOUS SERVICES (9.1% AND 8.3%).

AS FOR MEALS AT RESTAURANTS AND ALCOHOLIC DRINKS AND TOBACCO, THEIR CORRESPONDING INCREASES WERE 7.6% AND 8.9% IN THE CPI(A) AND 7.5% AND 8.3% IN THE CPI(B),

/COMPARING JANUARY

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