Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for July 2024 rose by 0.82% year-on-year. Among the various sections of goods and services, the price indices of Education (+5.03%), Miscellaneous Goods & Services (+2.60%) and Health (+2.28%) saw notable year-on-year growth. In addition, the price indices of Food & Non-Alcoholic Beverages (+0.91%) and Housing & Fuels (+0.60%) went up owing to higher charges for eating out, rising rentals for dwellings and dearer prices of liquefied petroleum gas. On the other hand, the price indices of Transport (-1.53%) and Household Furnishings & Services (-0.19%) dropped. The CPI-A and CPI-B recorded respective growth of 0.79% and 0.87% year-on-year.
In comparison with June, the Composite CPI rose by 0.24% in July. The price indices of Recreation & Culture (+2.24%) and Transport (+2.03%) showed significant month-on-month rises, whereas the price indices of Clothing & Footwear (-0.58%) and Household Furnishings & Services (-0.14%) decreased. Meanwhile, lower fruit prices dragged down the price index of Food & Non-Alcoholic Beverages (-0.06%). The CPI-A and CPI-B increased by 0.22% and 0.27% month-on-month respectively.
For the 12 months ended July 2024, the average Composite CPI grew by 1.02% from the previous period. Price indices of Education (+5.42%), Recreation & Culture (+4.84%) and Clothing & Footwear (+3.80%) increased markedly, while the price index of Transport (-2.95%) fell. The average CPI-A and CPI-B rose by 0.91% and 1.16% respectively over the previous period.
The average Composite CPI for the first seven months of 2024 climbed by 0.96% year-on-year. The average CPI-A and CPI-B went up by 0.89% and 1.05% 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.