Starting October 2024, the Statistics and Census Service (DSEC) releases the new CPI series rebased to the period of July 2023 to June 2024. The Composite CPI for October 2024 rose by 0.33% year-on-year but decreased by 0.1% month-on-month. For the 12 months ended October this year, the average Composite CPI grew by 0.91% from the previous period (November 2022 - October 2023).
In comparison with October last year, price indices of Miscellaneous Goods & Services (+2.91%) and Health (+1.64%) saw notable growth in October 2024 among the various sections of goods and services. In addition, the price indices of Food & Non-Alcoholic Beverages (+0.64%) and Housing & Fuels (+0.53%) increased owing to higher charges for eating out and takeaway, as well as dearer prices of liquefied petroleum gas. On the other hand, the price indices of Transport (-4.2%), Household Furnishings & Services (-0.81%) and Clothing & Footwear (-0.54%) dropped. The CPI-A and CPI-B rose by 0.32% and 0.33% year-on-year respectively.
When compared with September, the Composite CPI dipped by 0.1% in October. The price indices of Alcoholic Beverages & Tobacco (-0.77%), Household Furnishings & Services (-0.4%) and Transport (-0.32%) showed decline. Besides, the price indices of Housing & Fuels (-0.23%) and Food & Non-Alcoholic Beverages (-0.06%) decreased, dragged down by lower electricity charges and reduced prices of fresh fish, seafood, fruit and vegetables. By contrast, the price indices of Clothing & Footwear (+0.93%) and Recreation, Sport & Culture (+0.46%) increased month-on-month. The CPI-A and CPI-B went down by 0.13% and 0.08% month-on-month respectively.
For the 12 months ended October 2024, the average Composite CPI grew by 0.91% from the previous period. Price indices of Education (+4.27%) and Recreation, Sport & Culture (+3.42%) increased markedly, while the price index of Transport (-3.11%) fell. The average CPI-A and CPI-B rose by 0.85% and 0.99% respectively over the previous period.
The average Composite CPI for the first ten months of 2024 rose by 0.84% year-on-year, and the average CPI-A and CPI-B went up by 0.79% and 0.9% respectively.
The newly rebased CPI is revised according to the results of the Household Income and Expenditure Survey 2023/2024. The CPI basket of consumer goods/services and their respective expenditure weights, as well as the types of outlets for price collection, have been updated. Some items of goods/services have been recategorised and some sections of goods and services have been renamed, with reference to the “Classification of Individual Consumption According to Purpose (2018)” of the United Nations Statistics Division (UNSD). For example, “Communications” is renamed “Information & Communication” while “Recreation & Culture” is renamed “Recreation, Sport & Culture”. The new CPI basket comprises 788 goods/services, an increase of 8 from the 2018/2019-based CPI basket. On average, about 11,000 prices are collected each month, including about 7,000 prices of fresh food items and about 4,000 prices of other items of food and goods/services.
In comparison with the previous base period, Housing & Fuels, Food & Non-Alcoholic Beverages and Transport, which accounted for relatively large proportions of household expenditure, recorded increases in their weights in the CPI, with respective weights of 34.47, 29.47 and 8.33. The weights of Health and Education also increased, while the weights of Miscellaneous Goods & Services and Recreation, Sport & Culture decreased.
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 cover about 50% and 30% of the households, which have an average monthly expenditure of MOP11,000 - MOP35,999 and MOP36,000 - MOP71,999 respectively. Meanwhile, the Composite CPI covers all the abovementioned households.
