Consumer Price Indices for November 2017
Consumer Price Indices for November 2017
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     The Census and Statistics Department (C&SD) released today (December 21) the Consumer Price Index (CPI) figures for November 2017. According to the Composite CPI, overall consumer prices rose by 1.6% in November 2017 over the same month a year earlier, slightly larger than the corresponding increase (1.5%) in October 2017. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2017 was also 1.6%, slightly larger than that in October 2017 (1.5%), mainly due to the increases in the charges for package tours. 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from September to November 2017 was 0.2%, and that for the 3-month period from August to October 2017 was 0.1%. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from September to November 2017 was 0.2%, and that for the 3-month period from August to October 2017 was 0.1%. 

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.5% and 1.7% respectively in November 2017, as compared to 1.6%, 1.4% and 1.5% respectively in October 2017. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.5% and 1.7% respectively in November 2017, as compared to 1.6%, 1.4% and 1.5% respectively in October 2017. 

     On a seasonally adjusted basis, for the 3-month period from September to November 2017, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.2%. The corresponding rates of increase for the 3-month period from August to October 2017 were 0.1%, 0.1% and 0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from September to November 2017 were all 0.2%, and the corresponding rates of increase for the 3-month period from August to October 2017 were 0.1%, 0.1% and 0.2% respectively. 

     Amongst the various CPI components, year-on-year increases in prices were recorded in November 2017 for meals bought away from home (2.6% in the Composite CPI and 2.8% in the CPI(A)), housing (2.5% in both the Composite CPI and CPI(A)), transport (1.7% in the Composite CPI and 0.8% in the CPI(A)), food (excluding meals bought away from home) (1.6% in the Composite CPI and 1.0% in the CPI(A)), clothing and footwear (0.9% in the Composite CPI and 0.4% in the CPI(A)) as well as miscellaneous goods (0.8% in the Composite CPI and 1.5% in the CPI(A)). 

     On the other hand, year-on-year decrease in prices was recorded in November 2017 for durable goods (-2.5% in the Composite CPI and -3.0% in the CPI(A)). 

     As for miscellaneous services, the Composite CPI rose by 0.1% over a year earlier but the CPI(A) fell by 1.1%. However, for alcoholic drinks and tobacco, the Composite CPI fell by 0.2% over a year earlier but the CPI(A) rose by 0.2%. For electricity, gas and water, the Composite CPI fell by 0.1% over a year earlier but the CPI(A) rose by 0.9%. 

     Taking the first 11 months of 2017 together, the Composite CPI rose by 1.5% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.4% and 1.5%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.9%, 1.5% and 1.6% respectively in the first 11 months of 2017 over a year earlier. 

     For the 3 months ended November 2017, the Composite CPI rose by 1.5% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 1.4% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.5%, 1.4% and 1.5% respectively. 

     For the 12 months ended November 2017, the Composite CPI was on average 1.4% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.3% and 1.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 2.0%, 1.6% and 1.6% respectively. 

Commentary

     A Government spokesman said that consumer price inflation remained modest in November. Looking ahead, inflation pressure should be limited in the near term, given the prevailing mild external price pressure and moderate rises in local costs. The Government will continue to monitor the inflation developments closely, particularly its impact on the lower-income people.

Further information

     The CPIs and year-on-year rates of change at section level for November 2017 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The corresponding time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed CPI data (including year-on-year comparison, month-to-month comparison, seasonally adjusted data series and the CPIs by the Classification of Individual Consumption According to Purpose (COICOP)) are available in the monthly reports. Users can download the November 2017 issue of the "Monthly Report on the Consumer Price Index" (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001), the time series of CPIs at a detailed level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600001) and the time series of CPIs at the COICOP division level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600002) free of charge at the website of the C&SD.

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
 
Ends/Thursday, December 21, 2017
Issued at HKT 16:30
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