Food products drive tourist prices up 2.43 pct

The latest data from the Statistics and Census Service (DSEC) shows that the Tourist Price Index (TPI) for the fourth quarter of 2014 increased by 2.43 per cent year-on-year to 145.71. The increase is mainly attributed to rising costs for restaurant services and dearer prices of local food products, which are up by 8.48 per cent and 6.22 per cent, respectively.
The entertainment and cultural activities index has increased by 5.28 per cent, while clothing and footwear is up by 4.42 per cent. By contrast, the price index of hotel accommodation decreased 2.65 per cent compared to the same period of the previous year.
On a quarterly comparison, hotel room rates during the National Day holidays, the Macau Grand Prix and Christmas holidays pushed the price index of accommodation up significantly by 24.43 per cent.
The fourth quarter of 2014 saw a 7.82 per cent increase quarter-on-quarter. The price index of clothing and footwear rose 6.33 per cent. Transport and communications rose by 5.54 per cent, attributable to ferry tickets to and from Hong Kong and increased taxi fares.
The average TPI for the whole year of 2014 increased by 5.15 per cent year-on-year to 139.6, with marked increases recorded in accommodation (8.73 per cent), restaurant services (6.37 per cent), clothing and footwear (5.73 per cent) and food, alcoholic drinks and tobacco (5.22 per cent). The price index of transport and communication, and miscellaneous goods, however, decreased by 0.82 per cent and 0.57 per cent, respectively year-on-year.
J.K.