Information from the Statistics and Census Service (DSEC) indicated that the inflation rate for 2023 was 0.94%, down by 0.10 percentage point from 1.04% in 2022. The Composite CPI for December grew by 1.42% year-on-year.
The year-on-year growth in the average Composite CPI for 2023 stemmed from higher charges for eating out and package tours, increases in tuition fees and wages of domestic helpers, as well as dearer prices of clothing and gasoline; however, the growth was partially moderated by lower rentals for dwellings and reduced airfares. Analysed by section of goods and services, the price indices of Education (+8.24%), Recreation & Culture (+4.87%), Clothing & Footwear (+3.89%), Household Furnishings & Services (+2.66%) and Food & Non-Alcoholic Beverages (+2.51%) showed notable growth, whereas the indices of Communication (-2.24%), Transport (-2.03%) and Housing & Fuels (-1.45%) declined. The average CPI-A and CPI-B for 2023 rose by 0.73% and 1.21% respectively.
The Composite CPI for December 2023 increased by 1.42% year-on-year. Among the various sections of goods and services, the price indices of Recreation & Culture (+9.06%), Clothing & Footwear (+5.30%), Education (+5.02%) and Food & Non-Alcoholic Beverages (+2.39%) recorded a marked rise, whereas the indices of Transport (-2.30%), Household Furnishings & Services (-0.83%) and Housing & Fuels (-0.23%) decreased. The CPI-A and CPI-B posted respective growth of 1.26% and 1.63% year-on-year.
In comparison with November, the Composite CPI rose by 0.27% in December. The price indices of Recreation & Culture (+2.49%), Transport (+0.91%) and Clothing & Footwear (+0.83%) climbed notably, while the price index of Food & Non-Alcoholic Beverages (+0.03%) registered a slight increase. On the other hand, the price index of Household Furnishings & Services fell by 0.10%. The CPI-A and CPI-B went up by 0.24% and 0.30% month-on-month respectively.
The average Composite CPI for the fourth quarter of 2023 increased by 1.23% year-on-year; the average CPI-A and CPI-B grew by 1.08% and 1.43% respectively.
DSEC compiles three separate CPI series to reflect the impact of price changes for goods/services on households of different expenditure ranges. The CPI-A and CPI-B relate to about 50% and 30% of the households, which have an average monthly expenditure of MOP12,000-MOP35,999 and MOP36,000-MOP62,999 respectively. The Composite CPI relates to all the above-mentioned households; Housing & Fuels, Food & Non-Alcoholic Beverages and Transport accounted for relatively large proportions of household expenditure, with respective weights of 33.75, 27.94 and 7.84.