Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the third quarter of 2024 went up by 4.29% year-on-year to 147.22. Among the various sections of goods and services, price index of Miscellaneous Goods rose by 13.68% year-on-year due to dearer prices of jewellery, and the indices of Clothing & Footwear (+6.14%), Accommodation (+3.52%) and Restaurant Services (+3.52%) also increased. Meanwhile, the index of Entertainment & Cultural Activities dropped by 13.33%.
In comparison with the previous quarter, TPI for the third quarter of 2024 went up by 4.43%. Higher hotel room rates during the summer holiday pushed up the price index of Accommodation by 24.38% quarter-on-quarter. On the other hand, price index of Clothing & Footwear decreased by 6.56% on account of seasonal sale of summer clothing.
The average TPI for the last four quarters ended the third quarter of 2024 rose by 8.86% from the previous period. Price indices of Accommodation, Clothing & Footwear and Miscellaneous Goods increased by 25.86%, 8.30% and 8.00% respectively; yet, the index of Entertainment & Cultural Activities dropped by 7.42%. For the first three quarters of 2024, TPI went up by 3.90% year-on-year; the price indices of Miscellaneous Goods and Clothing & Footwear showed respective growth of 9.13% and 7.56%, while the index of Entertainment & Cultural Activities (-14.51%) registered a decrease.
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.