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Overall consumer prices rise by 1.2% in May 2007

Jun '07
The Census and Statistics Department (C&SD) released June 22 the Consumer Price Index (CPI) figures for May 2007. According to the Composite CPI, overall consumer prices rose by 1.2% in May 2007 over a year earlier, smaller than the 1.3% increase in April.

Meanwhile, the Budget measure of rates concession for the first two quarters of 2007/08 (i.e. April to September 2007) continued to carry effect in May. Netting out this factor, the year-on-year increase in the Composite CPI was 2.3%. This measure would continue to carry impact on the CPI until September this year.

Analysed by sub-index, the year-on-year rates of change in the CPI(A), CPI(B) and CPI(C) were +0.7%, +1.3% and +1.7% respectively in May 2007, which compared to +0.7%, +1.3% and +1.9% respectively in April. Netting out the effect of the rates concession, the year-on-year changes in the CPI(A), CPI(B) and CPI(C) were +2.1%, +2.3% and +2.6% respectively in May.

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 May 2007, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were +0.6%, +1.7%, +0.2% and -0.1% respectively. The corresponding rates of change for the 3-month period ended April 2007 were -0.2%, -0.3%, -0.2% and -0.1%.

Amongst the various CPI components, year-on-year increases in prices were recorded in May 2007 for clothing and footwear (3.7% in the Composite CPI and 1.5% in the CPI(A)), miscellaneous goods (1.3% in the Composite CPI and 1.6% in the CPI(A)).

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