XN000022-1996-08-22 — Page 9

8

-

As for the Hang Seng CPI, the year-on-year increase decelerated further mainly due to a less rapid year-on-year increase in private housing rentals and prices of men's outerclothing.

Analysed by component, faster year-on-year increases than the overall average in July were recorded for housing (9% in CPI(A), 9.7% in CPI(B), 11% in the Hang Seng CPI and 9.9% in the Composite CPI); and alcoholic drinks and tobacco (6.7%, 6.9%, 6.3% and 6.7%).

Meanwhile, those components with slower year-on-year increases in prices than the overall average were durable goods (1.8% in CPI(A), 2% in CPI(B), 2.3% in the Hang Seng CPI and 2% in the Composite CPI); miscellaneous goods (3.8%, 3.2%, 2.3% and 3.1%); fuel and light (3.9%, 3.9%, 5.3% and 4.1%); meals bought away from home (4.2%, 3.8%, 3.4% and 3.9%) and food (excluding meals bought away from home) (5.2%, 5.1%, 5.1% and 5.1%).

As from the reference month of July 1996, the new, 1994/95-based CPI series, which is more reflective of the latest household expenditure pattern, has replaced the 1989/90-based CPI series in analysing consumer price inflation.

The new 1994/95-based CPI has been backdated to October 1994. Year-on- year comparisons of CPIs based on the new 1994/95 series are available starting from the reference month of October 1995 (see Table 2).

Consumer price inflation rates compiled based on the new (1994/95-based) and the old (1989/90-based) CPI series differed only slightly.

Comparing July 1996 with June 1996, the 1994/95-based CPI(A) CPI(B) both increased by 0.2%. The Hang Seng CPI decreased by 0.4%, while the Composite CPI remained unchanged.

Taking the first seven months of 1996 together, the increase in the 1994/95- based CPI(A) averaged at 6.3% over a year earlier. (The corresponding increase in the 1989/90-based CPI(A) was slightly higher, at 6.5%.)

Over the same period, the increases in the 1994/95-based CPI(B), Hang Seng CPI and Composite CPI were 6.7% (7.2%), 7% (7.6%) and 6.7% (7%) respectively.

For the three months ended July 1996, CPI(A) and CPI(B) were, on average, higher by 6.1% and 6.5% respectively over a year earlier. The corresponding increases for the Hang Seng CPI and Composite CPI were 6.5% and 6.4% respectively.