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Consumer Price Indices for March 2024

HK

Consumer Price Indices for March 2024
HK

HK

Consumer Price Indices for March 2024

2024-04-23 16:30 Last Updated At:23:34

Unlocking the latest consumer price trends for march 2024

The Census and Statistics Department (C&SD) released today (April 23) the Consumer Price Index (CPI) figures for March 2024. According to the Composite CPI, overall consumer prices rose by 2.0% in March 2024 over the same month a year earlier, slightly larger than the average rate of increase in January and February 2024 (1.9%). 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 March 2024 was 1.0%, also slightly larger than the average rate of increase in January and February 2024 (0.9%). The comparison to the average rate of increase in January and February is to neutralise the effect caused by different timing of the Lunar New Year between two years, which occurred in February this year but in January last year.

Comparing March 2024 with February 2024, the year-on-year rate of increase in the Composite CPI in March 2024 (2.0%) was smaller than the corresponding increase in February 2024 (2.1%). Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI in March 2024 (1.0%) was also smaller than the corresponding increase in February 2024 (1.2%).

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending March 2024 was 0.0%, the same as that for the 3-month period ending February 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were both 0.0%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.3%, 1.9% and 1.7% respectively in March 2024, as compared to the average rates of increase of 2.2%, 1.8% and 1.8% respectively in January and February 2024, and 2.3%, 2.0% and 2.0% respectively in February 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.8%, 1.1% and 1.3% respectively in March 2024, as compared to the average rates of increase of 0.6%, 1.0% and 1.3% respectively in January and February 2024, and 0.8%, 1.2% and 1.6% respectively in February 2024.

On a seasonally adjusted basis, for the 3-month period ending March 2024, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.0% and -0.1% respectively. The corresponding rates of change for the 3-month period ending February 2024 were -0.1%, 0.0% and 0.1% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending March 2024 were 0.0%, 0.0% and -0.1% respectively, and the corresponding rates of change for the 3-month period ending February 2024 were 0.0%, 0.0% and 0.1% respectively.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in March 2024 for alcoholic drinks and tobacco (17.7%), meals out and takeaway food (3.3%), housing (3.1%), miscellaneous services (2.9%), transport (2.2%), miscellaneous goods (1.2%), and clothing and footwear (0.3%).

On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in March 2024 for electricity, gas and water (-8.7%), durable goods (-1.5%), and basic food (-0.5%).

In the first quarter of 2024, the Composite CPI rose by 1.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.2%, 1.8% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.7%, 1.0% and 1.3% respectively.

For the 12 months ending March 2024, the Composite CPI was on average 2.1% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.3%, 2.0% and 2.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.4%, 1.4% and 1.7% respectively.

Commentary

A Government spokesman said that underlying consumer price inflation was modest in March. While prices of meals out and takeaway food continued to rise relatively fast, prices of basic food edged down from a year earlier. Prices of energy-related items fell further. Price pressures on other major components remained broadly in check.

Looking ahead, overall inflation should stay contained in the near term. Domestic costs may face some upward pressures as the Hong Kong economy continues to grow. External price pressures should remain on a broad downward trend, though heightened geopolitical tensions will bring uncertainties. The Government will continue to monitor the situation.

Further information

The CPIs and year-on-year rates of change at section level for March 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

The reference period of the expenditure weights currently used for compilation of CPIs is the 12-month period from October 2019 to September 2020. The C&SD plans to update it to the whole year of 2023 starting from the next reference month (i.e. the CPIs for April 2024), primarily to better reflect changes in consumption patterns brought by resumption to normalcy after the COVID-19 epidemic. The updating is technical in nature in full conformity with international recommendations, and will not involve revision to CPIs already released. More details of the updating will be provided in the next release of CPIs to be published on May 23, 2024.

For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

Source: AI-generated images

Source: AI-generated images

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Speech by CE at 8th ICAC Symposium

2024-05-22 10:20 Last Updated At:10:28

Unveiling the future: key insights from 8th icac symposium address by ce

Following is the speech by the Chief Executive, Mr John Lee, at the 8th ICAC Symposium today (May 22):

Honourable Deputy Secretary Fu Kui (Deputy Secretary of Communist Party of China Central Commission for Discipline Inspection and Vice Chairman of National Commission of Supervision), Honourable Director Zheng Yanxiong (Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (HKSAR)), Honourable Director Dong Jingwei (Head of the Office for Safeguarding National Security of the Central People's Government in the HKSAR), Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs in the HKSAR), Deputy Political Commissar Wang Zhaobing (Deputy Political Commissar of the Chinese People's Liberation Army Hong Kong Garrison), Executive Director Ghada Waly (Executive Director of United Nations Office on Drugs and Crime), Commissioner Woo Ying-ming (Commissioner of ICAC), Consuls-general, distinguished guests, ladies and gentlemen,

Good morning to you all. It is a great pleasure to be here today to open this eighth ICAC Symposium, and to welcome each and every one of you - more than 500 high-profile professionals from 60 jurisdictions from six continents. You are anti-corruption law enforcers and experts, judges, prosecutors, legal practitioners, government regulators and officials, academics and more.

You are here, over these next three days, to hear and consider promising ways forward under the theme of "Charting a New Path to Combat Corruption". You are here, as well, for the 11th Annual Conference of the International Association of Anti-Corruption Authorities.

Despite your wide-ranging backgrounds, your goal is shared: how best to prevent and combat corruption, a problem that impedes the development, stability and well-being of societies and peoples around the world.

This Symposium is co-hosted by Hong Kong's Independent Commission Against Corruption, the ICAC, and the International Association of Anti-Corruption Authorities.

As you all know, our ICAC is celebrating its 50th anniversary this year. For half a century, the ICAC has championed the fight against corruption in Hong Kong. It has also worked closely with its counterparts around the world to tackle corruption. Indeed, the ICAC currently holds the presidency of the International Association of Anti-Corruption Authorities.

Under the unique "one country, two systems" principle, Hong Kong maintains a robust regulatory regime in line with international standards, and is renowned globally for its clean and efficient government, level-playing field for doing business, sound rule of law, a judiciary with independent judicial power, and zero tolerance for corruption. We are also at the forefront of the international fight against corruption.

International surveys consistently confirm Hong Kong's success in tackling corruption. The World Justice Project rated us ninth, overall, in "absence of corruption", out of more than 140 jurisdictions in 2023. Similarly, Hong Kong was ranked 14th out of 180 countries and territories in Transparency International's Corruption Perceptions Index last year. These and other standings underscore Hong Kong's clean governance, as well as the ICAC's laudable anti-corruption efforts.

The people of Hong Kong substantiate these findings. The latest ICAC Annual Survey shows that Hong Kong citizens have a zero tolerance for corruption, with 98 per cent of survey respondents indicating that they had not personally encountered corruption in the past 12 months.

It is a priority of the Hong Kong SAR Government to sustain our pioneering role in combating corruption. We are pleased, and proud, to back the ICAC in widening its international network and co-operating with overseas counterparts.

We are committed, as well, to ensuring that our legal framework and anti-corruption institutions, as well as public and private sector governance, reflect the highest international obligations and standards, particularly those set out in the United Nations Convention against Corruption.

China, our country, has designated the ICAC as an authority under the Convention, helping other economies under the Convention develop and implement preventive measures. And the ICAC, in its work as president of the International Association of Anti-Corruption Authorities since 2022, has overseen the Association's membership soar from 120 agencies in different countries and regions to more than 170 now. This phenomenal growth has allowed the Association to extend its work internationally.

In just a moment, the ICAC will conclude the MOU (Memorandum of Understanding) with the UN (United Nations) Office on Drugs and Crime and the anti-corruption authorities of Kazakhstan, Mauritius, Saudi Arabia and South Africa.

The presence of the UN Office on Drugs and Crime, as guardian of the Convention, and the national anti-corruption authorities of various countries here in Hong Kong to finalise bilateral agreements with the ICAC, exemplify the international co-operation and exchange that can make a difference, regionally and globally.

I congratulate the signatories on their impressive progress, and I look forward to more anti-graft partnerships between Hong Kong and other international jurisdictions.

Ladies and gentlemen, corruption knows no boundaries. It is a plague on different economies, institutions and communities. It has a disrupting, and dispiriting, impact on every aspect of people's lives. Everyone here is fully aware of that overwhelming reality, because everyone here is working, hard, smart and relentlessly, to overcome it.

In marking International Anti-Corruption Day, last December, the United Nations reiterated that "only through co-operation and the involvement of each and every person and institution, can we overcome the negative impact of this crime."

And it's why this Symposium was initiated, 24 years ago: to bring economies, governments, institutions and businesses together, imbued with the indomitable spirit that we will - that we must - prevail.

​Your participation in this Symposium speaks of our collective determination.

I'm grateful to the ICACfor once again organising this important international gathering.

I wish you all three days of inspired Symposium sessions and intelligence insights, of rewarding networking and future collaborations.

And when you need a break, Hong Kong is waiting for you. Hong Kong is way more than an international business centre with a clean government. This is, after all, a world city - and the East-meets-West centre for international cultural exchange.It is a city where you work hard and also play hard.

Enjoy your time in Hong Kong! Thank you.

Source: AI-generated images

Source: AI-generated images

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