TC

21/03/2017 16:33

HK CPI drops 0.1% in February versus 1.3% rise in January

    Hong Kong's overall consumer prices fell 0.1% in February over the same month a year earlier, after an increase of 1.3% in January, according to the Census and Statistics Department.
   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 February 2017 was 0.7%, smaller than that in January's 2.1% rise. The smaller increase was mainly attributable to the difference in the timing of the Lunar New Year, which fell in late January this year but in early February last year, resulting in the decreases in the charges for package tours. Another contributing factor was the enlarged decreases in the prices of fresh vegetables.
   A Government spokesman said that, taking the first two months of 2017 together to neutralise the distortions by the timing of the Lunar New Year, the underlying inflation rate moderated to 1.5%, down from 2% in December 2016. This was mainly due to the high base of comparison a year earlier when prices of basic foodstuffs surged in early 2016 because of bad weather conditions back then. The favourable effects from the downward adjustment in the electricity charge also contributed. Overall speaking, inflation pressure stayed moderate in early 2017, whereas the slightly negative year-on-year headline inflation rate in February was due to a host of temporary factors such as one-off rates waiver, holiday and base effects. The spokesman commented further that, looking ahead, inflation pressure should remain contained in the near term, given the low imported inflation and moderate increases in local costs.

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