HK's CPI falls 1.5% in Jan

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Last updated at: (Beijing Time) Tuesday, February 24, 2004

HK's CPI falls 1.5% in Jan

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The overall consumer prices of Hong Kong fell 1.5 percent in January 2004 from a year earlier, narrowed further from the 1.9 percent decrease in December 2003, according to the Consumer Price Index (CPI) figures released by the Census and Statistics Department on Monday.

The smaller year-on-year decline in the Composite CPI in January was mostly attributable to a lower base of comparison brought about by a rebate of electricity charges by a power company in January 2003, said the department.

Other contributory factors included higher charges for package tours and for inbound and outbound transport, higher prices of some basic foodstuffs, and also smaller decrease in charges for meals bought away from home around the Lunar New Year.

Amongst the various CPI components, housing continued to register the largest year-on-year decline in prices in January (down 7.9 percent in the Composite CPI). It was followed by durablegoods (down 4.5 percent), miscellaneous services (down 1.9 percent), transport (down 0.1 percent), and alcoholic drinks and tobacco (down 0.1 percent).

On the other hand, year-on-year increases in prices were recorded in January for electricity, gas and water (up 34.0 percent in the Composite CPI), miscellaneous goods (up 4.8 percent), clothing and footwear (up 4.2 percent), and food (excluding meals bought away from home) (up 0.7 percent).

A Government Secretariat spokesman noted that the year-on-year decrease in the Composite CPI in January 2004, as the smallest recorded since the end of 2002, was generally attributable to improved consumer demand.

Yet it was also caused by a festive lift on the prices for those items popularly consumed around the Lunar New Year, given that the Lunar New Year came in January this year but in February last year. In addition, there was a more distinct temporary narrowing effect on the year-on-year decrease, caused by the rebate of electricity charges by a power company in the first two months of last year, said the spokesman.

Source:Xinhua

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