TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 48

commodity

prices and to the

strengthening

value

of the Hong

import-weighted

Kong

dollar

of the

exchange

the

nine

as measured by

exchange rate index during the first

months of this year.

Output prices

6.4

The prices of manufacturing output also showed slower

rates of increase, as indicated by the movements in the unit

value index of domestic exports. In the third quarter the unit value index of domestic exports was 6% higher than a year ago, compared with increases of 8% in the second quarter and

10% in the first quarter of this year.

This is roughly

consistent with the deceleration in the rate of increase in

import prices of raw materials and semi-manufactures.

6.5

Although there is no reliable measure of quarterly

movements in

the prices and rentals for property in general, the overall impression is that, reflecting the abundant supply

in relation to demand, sales prices and rentals eased further

during the third quarter (paragraphs 5.5 and 5.6).

Consumer prices

6.6

The rate of increase in consumer prices, as measured

by the various Consumer Price Indexes, continued to slow down

in the third quarter. Taking Consumer Price Index (A) as an

example, the year-on-year rate

rate of increase in consumer prices

in the third quarter of this year slowed down to 9%, although

for the first nine months as a whole the increase was 11%.

The following table shows the movements and the

the percentage

changes in the Consumer Price Indexes (A) and (B) and the Hang

Seng Consumer Price Index:

35

/ Consumer