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Composite CPI rise by 5.3%

22
May '08
The Census and Statistics Department (C&SD) released May 22 the Consumer Price Index (CPI) figures for April 2008. According to the Composite CPI, overall consumer prices rose by 5.4% in April 2008 over a year earlier.

The year-on-year rate of increase in the Composite CPI in April 2008 (5.4%) was significantly larger than that in March 2008 (4.2%). However, it should be noted that the headline inflation rate in March 2008 was affected by the government relief measure of rates concession for 2008. As there was no such measure in March 2007, the year-on-year rate of change in the CPIs in March 2008 had been lowered.

On the contrary, rates concession was also implemented in April 2007. Therefore, the headline inflation rate in April 2008 was not affected. Netting out this one-off factor, the year-on-year rate of increase in the Composite CPI in April 2008 (i.e. the underlying inflation rate) was also 5.4%.

Analysed by sub-index, the year-on-year rates of increase in the headline CPI(A), CPI(B) and CPI(C) were 5.5%, 5.5% and 5.2% respectively in April 2008, which compared to 3.8%, 4.4% and 4.4% respectively in March. Netting out the effect of the rates concession, the year-on-year increases in the CPI(A), CPI(B) and CPI(C) were 5.5%, 5.5% and 5.3% respectively in April 2008, which compared to 5.1%, 5.5% and 5.3% respectively 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 from February to April 2008, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.6%.


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