Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the second quarter of 2023 rose by 19.47% year-on-year to 137.24. The increase was mainly attributable to rising hotel room rates and dearer prices of local food products. Among the various sections of goods and services, price index of Accommodation soared by 150.74% year-on-year, and the indices of Entertainment & Cultural Activities (+17.06%) and Clothing & Footwear (+7.07%) also increased.
In comparison with the first quarter, TPI for the second quarter of 2023 edged down by 0.70%. Price index of Accommodation declined by 10.56% quarter-to-quarter due to lower hotel room rates, whereas the index of Clothing & Footwear grew by 8.92% on account of new arrival of summer clothing.
The average TPI for the last four quarters ended the second quarter of 2023 rose by 9.14% from the previous period. Price indices of Accommodation and Entertainment & Cultural Activities increased by 48.07% and 19.58% respectively. For the first half of 2023, TPI went up by 18.81% year-on-year, with a notable growth in the price index of Accommodation (+136.40%).
TPI reflects the price change of goods and services purchased by visitors. Sections of TPI goods and services are selected according to the consumption pattern of visitors, namely Food, Alcoholic Beverages & Tobacco; Clothing & Footwear; Accommodation; Restaurant Services; Transport & Communications; Medicine & Personal Goods; Entertainment & Cultural Activities; and Miscellaneous Goods.