The Census and Statistics Department (C&SD) released today (March 21) the Consumer Price Index (CPI) figures for February 2024. According to the Composite CPI, overall consumer prices rose by 2.1% in February 2024 over the same month a year earlier, larger than the corresponding increase (1.7%) in January 2024. 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 February 2024 was 1.2%, also larger than that in January 2024 (0.8%). The larger increase was mainly due to the increases in food prices attributed to the Lunar New Year.

     It should be noted that consumer prices tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year. As the Lunar New Year fell in February this year but in January last year, the year-on-year comparison of the figures for January and February 2024 might have been affected by this factor to a certain extent. Taking the first two months of 2024 together to neutralise the effect of the Lunar New Year, the Composite CPI rose by 1.9% over a year earlier.  Netting out the effect of all Government's one-off relief measures, the corresponding increase was 0.9%.

     On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending February 2024 was 0.0%, the same as that for the 3-month period ending January 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were both 0.0%.   

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.3%, 2.0% and 2.0% respectively in February 2024, as compared to 2.0%, 1.6% and 1.5% respectively in January 2024. 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 0.8%, 1.2% and 1.6% respectively in February 2024, as compared to 0.5%, 0.8% and 1.0% respectively in January 2024.   

     Taking the first two months of 2024 together, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.8% and 1.8% respectively. Netting out the effects of all Government's one-off relief measures, the corresponding increases were 0.6%, 1.0% and 1.3% respectively.

     On a seasonally adjusted basis, for the 3-month period ending February 2024, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were -0.1%, 0.0% and 0.1% respectively. The corresponding rates of change for the 3-month period ending January 2024 were -0.1%, 0.0% and 0.0% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending February 2024 were 0.0%, 0.0% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending January 2024 were -0.1%, 0.0% and 0.0% respectively.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in February 2024 for alcoholic drinks and tobacco (6.1%), meals out and takeaway food (3.6%), miscellaneous services (3.6%), housing (3.0%), transport (2.3%), clothing and footwear (1.3%), and miscellaneous goods (1.0%).   

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in February 2024 for electricity, gas and water (-7.8%), durable goods (-1.4%), and basic food (-0.1%).   

     For the 3 months ending February 2024, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.4%, 2.0% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 0.8%, 1.1% and 1.5% respectively.   

     For the 12 months ending February 2024, the Composite CPI was on average 2.1% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.3%, 2.0% and 2.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.5%, 1.5% and 1.7% respectively. 

Commentary

     A Government spokesman said that the underlying consumer price inflation rate stayed moderate in the first two months of 2024. While prices of meals out and takeaway food continued to see relatively fast increases, prices of basic food declined from a year earlier. Prices of energy-related items fell further. Price pressures on other major components remained broadly in check.

     Looking ahead, overall inflation should remain moderate in the near term. While domestic costs may face some upward pressures as the Hong Kong economy continues to grow, external price pressures should ease further. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for February 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out 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 time series on the average monthly rates of change during the latest 3 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 statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     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 Hong Kong Flower Show 2024, currently running at Victoria Park, is displaying the winning entries of the Leisure and Cultural Services Department (LCSD)'s Western and Oriental Style Garden Plot Competitions, in addition to beautiful floral arrangements and horticultural works.
 
     Kwai Tsing District's "Joy in Nature" won the Oriental Style Garden Plot Competition while Yau Tsim Mong District's "Birdsong" is the winner of the Environmental Award for an Oriental Style Garden. Wan Chai District's "Vitality from Recycle" won both the Western Style Garden Plot Competition and the Environmental Award for a Western Style Garden. All entries in the Garden Plot Competitions were meticulously designed by staff of the District Leisure Services Offices of the LCSD.
 
     The design of Kwai Tsing District's "Joy in Nature" is inspired by rural villages in the highland areas in northern Thailand. Inside the plot are Thai-style architecture and a garden lavishly planted with dazzling flowers and trees, offering a fascinating contrast of profound beauty. The design also adheres to the principle of recycling. For instance, the main stairway was built of felled trees upon processing and adorned with environmentally friendly materials, epitomising a green lifestyle. The tranquil and appealing decorations offer visitors a time of peace and relaxation.
 
     The design concept of Yau Tsim Mong District's "Birdsong" is derived from a Thai garden with the theme of bird conservation. It is hoped that the charm of birdsongs in the midst of exquisite floral fragrance will raise awareness of bird conservation and allow visitors to realise the joy of connecting with nature.
 
     Wan Chai District's "Vitality from Recycle" garden plot integrates ideas for greening with aesthetics of gardening. In this plot, the footpaths were paved with wood pieces from fallen trees; the pavilion was constructed with recycled materials; the small greenhouse was made of aquaponics plastic bottles; the little bridge was built with logs, and the landscaped water feature was created using piles of oyster shells. The garden plot so formed not only showcases its great natural beauty but also conforms with the principles of "recycle, reuse and regeneration". With lush and vibrant plant growth, the scenery in the garden looks distinctively alluring and exudes a lively ambience, whether it be in the morning or during sunset.

     Members of the public can visit the flower show to enjoy the above winning entries and other garden plot designs. Meanwhile, the flower show is hosting an online voting campaign called My Most Favourite Garden Plot. Voters can choose their favourites from the garden plots of the 18 districts at the show, with a chance of winning free air tickets.
 
     The flower show is running until this Sunday (March 24) from 9am to 9pm daily with some 420 000 flowering plants being on display. A rich diversity of educational and recreational fringe activities are also being held for the enjoyment of visitors of all ages.

     The flower show is organised by the LCSD. The Hong Kong Jockey Club Charities Trust is supporting the flower show for the 12th consecutive year and has been its major sponsor since 2014. This year's flower show is one of the events under Art March of the Culture, Sports and Tourism Bureau. For more details of the show and its admission fee arrangements, please visit the webpage (www.hkflowershow.hk/en/hkfs/2024/index.html) or call 2601 8260 for enquiry.

          

     A spokesman for the Commerce and Economic Development Bureau (CEDB) today (March 21) appealed to members of the public to stay alert to fraudulent emails purported to be issued by the office of the Secretary for Commerce and Economic Development (SCED).

     The spokesman said that the emails, containing a suspected link to a malicious file, falsely claim to be issued by the office of the SCED. The CEDB has reported the case to the Police for investigation.

     Members of the public are reminded not to open any suspicious emails. Anyone who has provided personal information to the email senders or clicked the link in the emails is advised to contact the Police.

     The effective exchange rate index for the Hong Kong dollar on Thursday, March 21, 2024 is 105 (down 0.1 against yesterday's index).

     The Education Bureau (EDB) today (March 21) launched the revamped Smart Parent Net one-stop parent education information website (www.parent.edu.hk). The revamped website adopts a design by students of the Hong Kong Design Institute with a renewed colour theme and outlook. The enhanced categorisation of contents makes it more convenient for parents to get information relating to parent-child relationship, character development, parenting skills and emotional management of parents.

     The main contents of the revamped Smart Parent Net website include:

(1) Six key themes: providing comprehensive information categorised under Parent-child Relationship, Character Development, Education & Learning, Physical and Mental Health, Life Planning and Home-school Cooperation thereby catering for the needs of different parents;
(2) Positive Parent Campaign section: enabling parents with easier access to the articles, videos, information on activities and resources related to the Positive Parent Campaign;
(3) Calendar: allowing parents to search for parent education courses or activities organised by the EDB and navigate other important issues related to parent education; and
(4) Parent Education Activity Information Hub section: allowing parents' easy access to information on parent education courses and activities organised by other government departments and post-secondary institutions in Hong Kong.

     The Government attaches great importance to parent education. The EDB will continue to disseminate information on parent education through the Smart Parent Net website and its social media platforms, including Facebook (www.facebook.com/parents.edu.hk), Instagram page (www.instagram.com/parents.edu.hk), and YouTube channel (www.youtube.com/@smartparentnet). Meanwhile, the EDB encourages parents to subscribe to the e-newsletter of Smart Parent Net in order to keep abreast of the latest developments of parent education.  

     The EDB has issued a circular letter to all kindergartens and primary and secondary schools in Hong Kong, encouraging them to promote the revamped Smart Parent Net website to parents. The contents of the website will be updated regularly to allow parents' prompt access to the latest information.