Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for August 2023 (104.80) grew by 0.99% year-on-year. The increment was attributed to higher charges for eating out and package tours, rising tuition fees, as well as increases in hotel room rates and clothing prices; yet, the rise was partially offset by falling rentals for dwellings and lower airfares. Among the various sections of goods and services, the price indices of Education, Recreation & Culture, Clothing & Footwear and Food & Non-Alcoholic Beverages went up by 9.98%, 7.75%, 4.66% and 2.50% year-on-year respectively, whereas the indices of Transport and Housing & Fuels dropped by 2.42% and 1.66% respectively. The CPI-A (104.25) and CPI-B (105.51) recorded respective growth of 0.76% and 1.29% year-on-year.
In comparison with July, the Composite CPI rose by 0.04% in August. Price index of Transport climbed by 1.45% month-on-month owing to dearer airfares and gasoline prices. Price indices of Recreation & Culture and Health showed respective increases of 0.58% and 0.28%. On the other hand, the price indices of Alcoholic Beverages & Tobacco and Clothing & Footwear fell by 0.49% and 0.36% respectively. Moreover, reduced prices of liquefied petroleum gas pushed down the price index of Housing & Fuels by 0.26%, while receding prices of fruits and seafood dragged down the price index of Food & Non-Alcoholic Beverages by 0.08%. The CPI-A and CPI-B went up by 0.01% and 0.08% month-on-month respectively.
For the 12 months ended August 2023, the average Composite CPI grew by 0.86% from the previous period, and the price indices of Education (+10.02%) and Household Furnishings & Services (+6.63%) showed notable growth. The average CPI-A and CPI-B increased by 0.59% and 1.22% respectively over the previous period.
The average Composite CPI for the first eight months of 2023 rose by 0.84% year-on-year. The average CPI-A and CPI-B went up by 0.60% and 1.15% 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; meanwhile, the Composite CPI relates to all the above-mentioned households.