The Census and Statistics Department (C&SD) released today (November 20) the Consumer Price Index (CPI) figures for October 2018. According to the Composite CPI, overall consumer prices rose by 2.7% in October 2018 over the same month a year earlier, remaining virtually unchanged as compared to September 2018. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in October 2018 was 3.0%, slightly smaller than that in September 2018 (3.1%), mainly due to the smaller increases in the prices of fresh vegetables and the charges for package tours.

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period from August to October 2018 was 0.2%, the same as that for the three-month period from July to September 2018. Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the three-month period from August to October 2018 was 0.2%, the same as that for the three-month period from July to September 2018.  

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.5% and 2.3% respectively in October 2018, as compared to 3.3%, 2.5% and 2.4% respectively in September 2018. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.5%, 2.9% and 2.6% respectively in October 2018, as compared to 3.6%, 2.9% and 2.7% respectively in September 2018.  

     On a seasonally adjusted basis, for the three-month period from August to October 2018, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.3%, 0.2% and 0.2% respectively. The corresponding rates of increase for the three-month period from July to September 2018 were 0.3%, 0.2% and 0.1% respectively. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the three-month period from August to October 2018 were 0.3%, 0.2% and 0.2% respectively, same as those for the three-month period from July to September 2018.  

     Amongst the various CPI components, year-on-year increases in prices were recorded in October 2018 for electricity, gas and water (4.1% in the Composite CPI and 4.6% in the CPI(A)); food (excluding meals bought away from home) (3.9% in the Composite CPI and 3.8% in the CPI(A)); alcoholic drinks and tobacco (3.5% in the Composite CPI and 3.3% in the CPI(A)); housing (3.0% in the Composite CPI and 4.4% in the CPI(A)); meals bought away from home (2.7% in both the Composite CPI and CPI(A)); miscellaneous services (2.7% in the Composite CPI and 1.8% in the CPI(A)); clothing and footwear (2.0% in the Composite CPI and 2.8% in the CPI(A)); transport (1.6% in the Composite CPI and 1.9% in the CPI(A)) and miscellaneous goods (1.5% in the Composite CPI and 1.9% in the CPI(A)).  

     On the other hand, year-on-year decrease in prices was recorded in October 2018 for durable goods (-1.8% in both the Composite CPI and CPI(A)).  

     Taking the first 10 months of 2018 together, the Composite CPI rose by 2.4% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 2.7%, 2.3% and 2.2% respectively. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 2.6%, 2.9%, 2.6% and 2.4% respectively in the first 10 months of 2018 over a year earlier.  

     For the three months ended October 2018, the Composite CPI rose by 2.5% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.0%, 2.4% and 2.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.9%, 3.3%, 2.9% and 2.5% respectively.  

     For the 12 months ended October 2018, the Composite CPI was on average 2.3% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.5%, 2.2% and 2.1% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.4%, 2.6%, 2.4% and 2.3% respectively.  

Commentary

     A Government spokesman said that the underlying inflation rate went down marginally to 3.0% in October, as fresh vegetable prices and charges for package tours recorded less rapid increases. The inflation rate may still be subject to some mild upward pressure in the coming months, due to rising local costs and continued feed-through of the earlier rises in fresh-letting residential rentals. The Government will monitor the situation closely, particularly the impact on the lower-income people.

Further information

     The CPIs and year-on-year rates of change at section level for October 2018 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The corresponding time series on the average monthly rates of change during the latest three months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed CPI data (including year-on-year comparison, month-to-month comparison, seasonally adjusted data series and the CPIs by the Classification of Individual Consumption According to Purpose (COICOP)) are available in the monthly reports. Users can download the October 2018 issue of the "Monthly Report on the Consumer Price Index" (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001), the time series of CPIs at detailed level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600001), the time series of CPIs at COICOP division level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600002) and the time series of CPIs after netting out the effects of all Government's one-off relief measures (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600003) free of charge at the website of the C&SD.

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

The following is issued on behalf of the Hong Kong Monetary Authority:

     Hong Kong Monetary Authority Exchange Fund Notes tender results:
 

     The effective exchange rate index for the Hong Kong dollar on Tuesday, November 20, 2018 is 105.6 (same as yesterday's index).

The following is issued on behalf of the Hong Kong Monetary Authority:

Hong Kong Monetary Authority Exchange Fund Bills Tender Results
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     Hong Kong Monetary Authority tenders to be held in the week beginning November 26:
 

     Special traffic arrangements will be implemented in Happy Valley tomorrow (November 21). The arrangements will come into effect one and a half hours before the start of the first race and will last until the crowds have dispersed after the race meeting.

A. Traffic arrangements before the commencement of the first race

1. Road closure

     Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp outside Hong Kong Jockey Club (HKJC) will be closed except for vehicles heading for Aberdeen Tunnel.

2. Traffic diversions

– Southbound Wong Nai Chung Road between Village Road and the up-ramp outside HKJC will be re-routed one way northbound;
– Vehicles from eastbound Queen's Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
– Traffic along Queen's Road East cannot turn right to Wong Nai Chung Road except for vehicles heading to Aberdeen Tunnel;
– Traffic from Cross Harbour Tunnel heading for Queen's Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen's Road East; and
– Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.

B. Traffic arrangements before the conclusion of race meeting

1. Road closure

     The following roads will be closed from 35 minutes before the start of the last race:

– The up-ramp on Wong Nai Chung Road outside HKJC leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Village Road and the Public Stands of HKJC;
– Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
– Southbound Morrison Hill Road between Leighton Road and Queen's Road East.

     In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of HKJC will be closed from about 10 minutes before the start of the last race.

2. Traffic diversions

     The following traffic arrangements will be implemented from 35 minutes before the start of the last race:

– Eastbound Queen's Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
– Vehicles from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
– Vehicles from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
– Traffic on southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
– Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.

C. Learner drivers prohibition

     Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:

– Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
– Village Road between its upper and lower junctions with Shan Kwong Road;
– Percival Street between Hennessy Road and Leighton Road;
– Canal Road East; and
– The service road leading from Gloucester Road to Canal Road flyover.

D. Suspension of parking spaces

     Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm during day racing, from 4.30pm to 11.59pm during evening racing, and from 5pm to 11.59pm during night racing.

     Any vehicles found illegally parked within the precincts of the above affected areas will be towed away without prior notice.

     Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of Police on site.