Information from the Statistics and Census Service (DSEC) indicated that the Tourist Price Index (TPI) for the fourth quarter of 2023 went up by 26.15% year-on-year to 150.47. The rise stemmed from higher hotel room rates, dearer prices of clothing and jewellery, as well as rising charges for restaurant services. Among the various sections of goods and services, price index of Accommodation surged by 178.67% year-on-year, and the indices of Clothing & Footwear, Miscellaneous Goods and Restaurant Services showed respective growth of 10.55%, 4.51% and 2.43%.

In comparison with the third quarter of 2023, TPI for the fourth quarter rose by 6.59%. Price index of Accommodation grew by 19.82% owing to higher hotel room rates during the National Day holidays and the Grand Prix. Meanwhile, new arrival of winter clothing pushed up the index of Clothing & Footwear by 11.29%.

The average TPI for the whole year of 2023 rose by 21.53% year-on-year to 141.77, attributable to higher hotel room rates, dearer prices of clothing, rising charges for restaurant services and increased prices of local food products. Analysed by section of goods and services, price index of Accommodation soared by 157.93% year-on-year, and the indices of Clothing & Footwear (+6.88%), Food, Alcoholic Beverages & Tobacco (+3.68%) and Restaurant Services (+2.00%) also registered growth.

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.