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Inflation rate reaches 1.18 per cent in July

Education and Health registered the largest yearly increases in the price index in July, with the Communication price index seeing the largest decrease

The Composite Consumer Price Index in July posted an increase of 1.03 per cent year-on-year, with the inflation rate reaching 1.18, according to the latest data released by the city’s Statistics and Census Services (DSEC) yesterday.
The DSEC noted that the minor increment observed was mainly attributable to ‘higher charges for eating out and outpatient services, as well as increases in tuition fees’ and adult’s footwear.
Food and non-alcoholic beverages, which accounted for the largest share of household expenditure, went up by 1.8 per cent year-on-year due to higher vegetable prices and dearer charges for eating out, but balanced by declining prices for fruit.
Meanwhile the costs for Housing & Fuels – the second largest share of household expenses – decreased by almost 1 per cent yearly, as dwelling rentals and Liquefied Petroleum Gas and gasoline prices went down, while being ‘partially offset’ by a rise in electricity charges and taxi fares.
The largest year-on-year increases were seen in the Education price index, which went up year-on-year by a considerable 7.5 per cent, and in Health, which rose 5.2 per cent.
The largest decrease was registered in the Communication price index, with a yearly fall of 5.8 per cent in July of this year.
DSEC divides households into two groups: the CPI-A, which refers to nearly 50 per cent of the households in the city, with an average monthly expenditure of MOP10,000 to MOP29,999, and the CPI-B, which relates to some 30 per cent of local households, with an average monthly expenditure of MOP30,000 to MOP54,999.
The CPI-A and CPI-B rose 0.77 per cent and 1.05 per cent, respectively, year-on-year.