Retail in Asia

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HK CPI up 4.7pc in Feb

According to the Composite CPI released by the Census and Statistics Department on Thursday, Hong Kong’s overall consumer prices rose by 4.7 percent in February 2012 over the same month a year earlier, smaller than the corresponding increase (6.1 percent) in January 2012.  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 2012 was 5.4 percent, also smaller than that in January (6.7 percent). 

The smaller increase was mainly attributable to the difference in the timing of the Lunar New Year, which occurred in January this year but in February last year, resulting in a smaller increase in the charges for package tours, the costs for meals bought away from home, the prices of other fresh sea products and poultry.  Another contributing factor was the moderation in the increase in private housing rentals. 

Taking the first two months of 2012 together to neutralise the effect of the Lunar New Year, the Composite CPI rose by 5.4 percent over a year earlier. Netting out the effects of all Government’s one-off relief measures, the Composite CPI rose by 6.1 percent in the first two months of 2012 over a year earlier. 

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period from December 2011 to February 2012 was 0.4 percent, and that for the three-month period from November 2011 to January 2012 was 0.5 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 three-month period from December 2011 to February 2012 was 0.4 percent, and that for the three-month period from November 2011 to January 2012 was 0.5 percent.