May prices up 5.2%

June 21, 2011

Overall consumer prices rose 5.2% in May over the same month last year, larger than the corresponding 4.6% increase in April, the Census & Statistics Department said today.
 
Netting out the effects of all Government one-off relief measures, the year-on-year rate of increase in the Composite Consumer Price Index in May was 5.1%, also larger than April's 4.4% rise, mainly due to rising  housing rentals and food prices.
 
On a seasonally adjusted basis, the average monthly rate of increase in the Composite Consumer Price Index for the three-month period from March to May was 0.6%, and that for the three-month period from February to April, 0.7%.
 
Netting out the effects of all Government one-off relief measures, the average monthly rate of increase in the Composite Consumer Price Index for the three-month period from March to May was 0.6%, the same as that for the three-month period from February to April.
 
Year-on-year increases in prices were recorded in May for alcoholic drinks and tobacco (19.8%), mainly due to the 41.5% increase in tobacco duty; food, excluding meals bought away from home (10.1%); electricity, gas and water (7.9%); clothing and footwear (7.1%); housing (6.1%); meals bought away from home (5.1%); transport (4.8%); miscellaneous goods (4.1%) and miscellaneous services (2.7%).
 
Year-on-year price decreases were recorded for durable goods (-4.1%).
 
Taking the first five months of 2011 together, the Composite Consumer Price Index rose 4.3% over a year earlier. For the three months ended May, the index rose 4.7% over a year earlier. The corresponding increases after netting out the effects of all Government one-off relief measures were 4.6%.
 
For the 12 months ended May 2011, the index was on average 3.3% higher than in the preceding 12-month period. The corresponding rate of change after netting out the effects of all Government one-off relief measures were 3%.
 
The department said inflation is likely to rise in the coming months, amid higher price pressures from inside and outside Hong Kong.