Hong Kong dollar will show up statistically in a more rapid increase in the unit value index of domestic exports. As an illustration of this, in September last year when the exchange value of the Hong Kong dollar was low, the index was at its
highest point for the year.
Since then, the index has been falling, though in February this year it increased again back to the September 1981 level. The index in February was 10% higher than in the corresponding month in 1981. The relative
stability in export prices at a time when inflation in Hong Kong's main markets is still substantial is a clear indication
of Hong Kong's economy adjusting to maintain competitiveness.
6.5
Prices and rentals for property (which have already been discussed in Chapter 5) in general continued to fall in
the first quarter reflecting, among other things, the impact
of high interest and mortgage rates and abundant additional
supply. The fall in prices of premises was more widespread
and substantial than the reduction in rentals. The magnitude
of the decline was more marked for
for shops and offices (other than those in prime locations) and for residential premises than for industrial premises.
Consumer prices
6.6
The rate of increase in consumer prices, as measured by the various consumer price indexes (3), slowed down in the
/ first
(3) There are three consumer price indexes: Consumer Price Indexes (A)
and (B), and the Hang Seng Consumer Price Index. of the three indexes are as follows :
Approximate
urban households
The characteristics
Monthly expenditure
range in 1979/80
($)
covered
(*)
CPI (A) CPI (B)
Hang Seng CPI
080
50
1,000 to
3,499
30
10
3,500 to 6,499 6,500 to 19,999
39
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