Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for January 2024 grew by 1.01% year-on-year. The increment was attributed to the increases in the charges for eating out and package tours, as well as rising tuition fees and higher prices of clothing and liquefied petroleum gas; however, the rise was partially moderated by lower airfares and reduced prices of pork and vegetables.
Analysed by section of goods and services, the price indices of Clothing & Footwear (+5.64%), Education (+5.02%), Recreation & Culture (+5.00%), Health (+3.61%) and Food & Non-Alcoholic Beverages (+1.73%) showed notable year-on-year growth, whereas the indices of Transport (-4.25%), Communication (-0.39%) and Household Furnishings & Services (-0.21%) decreased. The CPI-A and CPI-B recorded respective increases of 0.88% and 1.17% year-on-year.
In comparison with December 2023, the Composite CPI fell by 0.17% in January 2024. The price indices of Recreation & Culture (-3.04%), Transport (-1.76%) and Alcoholic Beverages & Tobacco (-0.92%) decreased, whereas the indices of Clothing & Footwear (+0.25%), Food & Non-Alcoholic Beverages (+0.19%) and Household Furnishings & Services (+0.17%) increased. The CPI-A and CPI-B dropped by 0.15% and 0.20% month-on-month respectively.
For the 12 months ended January 2024, the average Composite CPI grew by 0.96% from the previous period, and the price indices of Education (+7.81%), Recreation & Culture (+5.31%) and Clothing & Footwear (+4.37%) climbed notably. The average CPI-A and CPI-B went up by 0.76% and 1.22% respectively over the previous period.
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.