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Pricier times

August saw the largest yearly increase in Composite Consumer Price Index since January, a 1.36 per cent hike, with the inflation rate reaching 1.16 per cent

The Composite Consumer Price Index in August posted an increase of 1.36 per cent year-on-year to 109.57 – the highest year-on-year growth since January – with the inflation rate reaching 1.16 per cent, 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 ‘rising tuition fees, dearer prices of adults’ footwear and gasoline, as well as higher charges for eating out and outpatient services’.
The price index of Food & Non-Alcoholic Beverages – which accounted for the largest share of household expenditure – went up by 1.84 per cent year-on-year, as the cost for ‘eating out’ increased despite ‘receding prices of fresh fish and seafood’ offsetting the overall increase.
Meanwhile despite the rising gasoline costs, the Housing & Fuels price index – the second largest share of household expenses – decreased by 0.67 per cent yearly in August, due to lower prices of seasonal sales of Summer clothing and of Liquefied Petroleum Gas.
Higher gasoline prices also impacted the Recreation & Culture and Transport, with the two sectors price indices seeing increases year-on-year of 1.19 per cent and 2.75 per cent, respectively. The rise was also influenced by higher charges for package tours and airfares during Summer holidays.

Pricier education
The largest year-on-year increases were seen in the Education price index, which went up yearly by a considerable 7.49 per cent, while the Health price index rose by 5.30 per cent year-on-year.
The largest decrease was again registered in the Communication price index, with a yearly fall of 5.86 per cent in August 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 1.38 per cent and 1.21 per cent, respectively, year-on-year.