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Overall consumer prices rise by 1.2% in May 2007

22 Jun '07
3 min read

On the other hand, year-on-year declines in prices were recorded in May 2007 for durable goods (-4.3% in the Composite CPI and -4.7% in the CPI(A)).

As for housing, the Composite CPI rose by 0.9% over a year earlier but the CPI(A) fell by 0.3%. However, for transport, the Composite CPI fell by 0.5% over a year earlier but the CPI(A) rose by 0.1%.

Taking the first five months of 2007 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 0.4%, 1.7% and 2.4%.

For the 3 months ended May 2007, the Composite CPI rose by 1.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.2%, 1.6% and 2.1% respectively.

For the 12 months ended May 2007, the Composite CPI was on average 1.9% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.3%, 2.0% and 2.4%.

ommentary:
A Government spokesman pointed out that the headline consumer price inflation remained low in May, as the rates waiver continued to carry effect. The spokesman added further that even after excluding this special factor, the underlying consumer price inflation rate was still moderate, actually down marginally in May from April.

The spokesman believed that food prices are likely to remain a volatile component within the CPI in the period ahead, although the trend in the near term is for a general pick-up alongside the higher food inflation in the Mainland and renminbi appreciation.

Yet the spokesman also pointed out that the sustained rise in labour productivity and a more steady rise in housing cost would provide some cushion to the price pressures from this front. In addition, the rates waiver until September this year and other one-off measures to be implemented later this year would continue to keep the headline inflation down in the coming months.

Census and Statistics Department

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