Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for February 2024 grew by 1.46% year-on-year, partly caused by the relatively high prices during the Lunar New Year that fell in February this year but took place in January last year.
Among the various sections of goods and services, the price indices of Recreation & Culture (+11.92%) and Education (+5.05%) showed notable year-on-year growth, on account of rising charges for package tours, dearer hotel room rates, and higher university tuition fees. Meanwhile, increases in clothing prices and charges for outpatient services pushed up the price indices of Clothing & Footwear (+4.09%) and Health (+3.18%). The price index of Food & Non-Alcoholic Beverages (+1.73%) registered a rise owing to higher charges for eating out, while lower pork prices offset part of the increase. On the other hand, the price indices of Transport (-1.82%) and Alcoholic Beverages & Tobacco (-0.77%) decreased due to lower airfares and reduced prices of alcoholic beverages. The CPI-A and CPI-B recorded respective increases of 1.30% and 1.67% year-on-year.
In comparison with January, the Composite CPI rose by 0.54% in February. The price indices of Recreation & Culture (+6.95%) and Transport (+1.20%) showed relatively large growth, and the price index of Food & Non-Alcoholic Beverages (+0.34%) also increased. In contrast, the price indices of Clothing & Footwear (-1.17%) and Alcoholic Beverages & Tobacco (-0.49%) dropped. The CPI-A and CPI-B went up by 0.51% and 0.58% month-on-month respectively.
For the 12 months ended February 2024, the average Composite CPI grew by 1.02% from the previous period, and the price indices of Education (+7.39%), Recreation & Culture (+6.35%) and Clothing & Footwear (+4.63%) climbed notably. The average CPI-A and CPI-B rose by 0.82% and 1.27% respectively over the previous period.
The average Composite CPI for the first two months of 2024 increased by 1.23% year-on-year. The average CPI-A and CPI-B went up by 1.09% and 1.42% 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.