XN000022-1996-06-24 — Page 7

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Consumer price indices for May

The Census and Statistics Department today (Monday) released the Consumer Price Index (CPI) figures for May 1996 from both the new, 1994/95-based Index (CPI) series as well as the old, 1989/90-based series.

The year-on-year rate of increase in the 1989/90-based CPI(A) was 6.4% in May 1996. This was significantly lower than the 6.9% increase recorded in April.

More moderate increases were also recorded in the Consumer Price Index (B) and the Hang Seng CPI. In May 1996, the CPI(B) and the Hang Seng CPI rose by 7.2% and 7.4% respectively over a year earlier, as compared to the corresponding increases of 7.4% and 7.7% in April.

The Composite CPI, which is compiled based on the combined expenditure pattern of all households, also showed a slower year-on-year rate of increase, by 6.9% in May 1996, against 7.3% in April.

A Government spokesman said that the slower year-on-year rate of increase in the CPI(A) in May than in April was mainly due to lower prices of some fresh food items, including vegetables and live poultry. In addition, a slower year-on-year rate of increase in the charges for miscellaneous consumer services, resulting in part from a reduction in the charges for long distance telephone calls, also contributed. The prices of miscellaneous goods continued to record a year-on-year decline, while the year-on- year rate of increase in transport fares eased further.

Analysed by component, faster year-on-year increases than the overall average in May were recorded for housing (9.8% in the CPI(A), 11.5% in the CPI(B), 12.4% in the Hang Seng CPI and 11.3% in the Composite CPI).

Meanwhile, those components with slower year-on-year increases in prices than the overall average were durable goods (1.3% in the CPI(A), 1.8% in the CPI(B), 2.6% in the Hang Seng CPI and 1.9% in the Composite CPI); meals bought away from home (4.4%, 4.2%, 2.2%, 3.9%); fuel and light (4.7%, 4.7%, 4.6% and 4.7%); alcoholic drinks and tobacco (4.8%, 4.7%, 4.4% and 4.7%); food (excluding meals bought away from home) (6.0%, 5.9%, 5.7%, 5.9%); transport (6.3%, 6.4%, 5.9% and 6.2%); and miscellaneous goods (-2.3%, 0.3%, 1.9%, -0.3%).