Amongst the various CPI components, year-on-year increases in prices were recorded in February 2007 for clothing and footwear (7.8% in the Composite CPI and 6.1% in the CPI(A)), (5.3% in the Composite CPI and 5.6% in the CPI(A)), miscellaneous services (4.4% in the Composite CPI and 2.3% in the CPI(A)),miscellaneous goods (3.0% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year declines in prices were recorded in February 2007 for durable goods (-5.6% in the Composite CPI and -6.1% in the CPI(A)). As for transport, prices fell by 0.2% in the Composite CPI but remained unchanged in the CPI(A).
Taking the first two months of 2007 together, the Composite CPI rose by 1.4% over a year earlier. The corresponding changes in the CPI(A), CPI(B) and CPI(C) were -0.7%, +1.9% and +3.0%.
For the 3 months ended February 2007, the Composite CPI rose by 1.7% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 0.2%, 2.0% and 2.9% respectively.
For the 12 months ended February 2007, the Composite CPI was on average 2.0% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 2.1% and 2.4%.
The index for clothing and footwear in the Composite CPI was 99.3. The year-on-year rate of change in the index for clothing and footwear in the Composite CPI was +7.8%. The index for clothing and footwear in the CPI(A) was 100.2. The year-on-year rate of change in the index for clothing and footwear in the CPI(A) was +6.1%.
The spokesman foresaw that the sustained labour productivity growth should help to contain inflationary pressures, providing an offset to the expected modest pick-up in imported inflation due to a weak US dollar and renminbi appreciation. Also, the Budget measure of rates waiver for two quarters and other one-off measures would help to push down the headline CPI in 2007.
Census and Statistics Department, Hong Kong
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