Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI for September 2024 rose by 0.59% year-on-year but decreased by 0.09% month-on-month. For the 12 months ended September this year, the average Composite CPI grew by 0.98% from the previous period (October 2022 - September 2023).
In comparison with September last year, price indices of Miscellaneous Goods & Services (+2.74%), Recreation & Culture (+1.76%) and Health (+1.67%) saw notable growth among the various sections of goods and services in September 2024. In addition, higher charges for eating out and dearer prices of liquefied petroleum gas pushed up the price indices of Food & Non-Alcoholic Beverages (+0.89%) and Housing & Fuels (+0.69%). On the other hand, the price indices of Transport (-3.51%) and Household Furnishings & Services (-0.50%) dropped. The CPI-A and CPI-B rose by 0.60% and 0.58% year-on-year respectively.
When compared with August, the Composite CPI decreased by 0.09% in September. The price indices of Transport (-2.25%) and Recreation & Culture (-0.98%) showed a fall, owing to lower airfares and reduced charges for package tours after the summer holiday. Besides, the price index of Clothing & Footwear (-0.92%) dropped. By contrast, price indices of Miscellaneous Goods & Services (+1.13%) and Education (+0.54%) increased month-on-month. Moreover, higher vegetable prices and rising charges for eating out drove up the price index of Food & Non-Alcoholic Beverages (+0.11%). The CPI-A and CPI-B both went down by 0.09% month-on-month.
For the 12 months ended September 2024, the average Composite CPI grew by 0.98% from the previous period. Price indices of Education (+4.65%), Recreation & Culture (+3.92%) and Clothing & Footwear (+3.02%) increased markedly, while the price index of Transport (-2.99%) fell. The average CPI-A and CPI-B rose by 0.90% and 1.08% respectively over the previous period.
The average Composite CPI for the third quarter of 2024 increased by 0.72% year-on-year; the average CPI-A and CPI-B showed respective growth of 0.71% and 0.73%. The average Composite CPI for the first nine months of 2024 climbed by 0.89% year-on-year, and the average CPI-A and CPI-B went up by 0.84% and 0.96% 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. The Composite CPI relates to all the above-mentioned households; Housing & Fuels, Food & Non-Alcoholic Beverages and Transport accounted for relatively large proportions of household expenditure, with respective weights of 33.75, 27.94 and 7.84.
