Hong Kong Inflation Rate Down to 3 Percent in January


According to the Composite CPI, overall consumer prices rose by 3.0 percent in January 2013 over the same month a year earlier, smaller than the corresponding increase (3.7 percent) in December 2012. The smaller increase in January this year was mainly affected by the higher prices in January last year around the Lunar New Year which led to a higher base of comparison.

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 January 2013 was 3.1 percent, also smaller than that in December 2012 (3.8 percent).

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from November 2012 to January 2013 was 0.3 percent, and that for the 3-month period from October to December 2012 was 1.2 percent. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from November 2012 to January 2013 was 0.3 percent, the same as that for the 3-month period from October to December 2012.
 
Amongst the various CPI components, year-on-year increases in prices were recorded in January 2013 for housing (5.1 percent); electricity, gas and water (5.0 percent); meals bought away from home (4.1 percent); food (excluding meals bought away from home) (3.1 percent); clothing and footwear (2.4 percent); miscellaneous goods (1.9 percent); transport (1.3 percent) and alcoholic drinks and tobacco (1.2 percent).
 

C&SD Hong Kong | Nuno Fontes | nuno@tradingeconomics.com
2/22/2013 9:04:36 AM