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Overall consumer prices rise by 1.3% in April 2007

May '07
The Census and Statistics Department (C&SD) released the Consumer Price Index (CPI) figures for April 2007. According to the Composite CPI, overall consumer prices rose by 1.3% in April 2007 over a year earlier, smaller than the 2.4% increase in March.

The smaller year-on-year increase in the Composite CPI in April 2007 than in March was mainly attributable to the Budget measure of rates concession for the first two quarters of 2007/08 (i.e. April to September 2007). Netting out this factor, the year-on-year increase in the Composite CPI was 2.4%, same as the increase in March. This measure would continue to carry impact on the CPI until September this year.

Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 0.7%, 1.3% and 1.9% respectively in April 2007. Netting out the effect of the rates concession, the year-on-year increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 2.3% and 2.8% respectively in April, similar to the corresponding increases of 2.2%, 2.3% and 2.7% in March.

For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. For the 3-month period ended April 2007, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were -0.2%, -0.3%, -0.2% and -0.1% respectively. The corresponding rates of change for the 3-month period ended March 2007 were all +0.2%.

Amongst the various CPI components, year-on-year increases in prices were recorded in April 2007 for food (excluding meals bought away from home) (4.3% in the Composite CPI and 4.5% in the CPI(A)), clothing and footwear (4.1% in the Composite CPI and 2.4% in the CPI(A)), miscellaneous services (2.4% in the Composite CPI and 0.9% in the CPI(A)), miscellaneous goods (2.2% in the Composite CPI and 2.5% in the CPI(A)).

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