Consumer prices hold 2.6% higher

Consumer prices in July were on aggregate 2.6% higher than a year earlier, according to the latest data provided by the Statistics and Census Service (DSEC), virtually unchanged from the 2.62% year-on-year growth seen in June. According to the data, the composite consumer price index (CPI) reached 116.05 in July.

DSEC continues to attribute the growth in consumer prices to dearer charges for eating out, rising rentals and higher prices for motor cars, gasoline and fresh pork, among other goods.

In a statement issued yesterday, the statistics service said that the price indexes of education and transport also grew notably, rising by 5.81% and 5.09% year-on-year respectively. Meanwhile, the index for clothing and footwear dropped 1.25% year-on-year and that for communication fell 2.45%.

In monthly terms, the composite CPI for July rose by 0.22%, due to higher charges for package tours, and increased airfares and gasoline prices, but was diminished by lower charges for telecommunications services and adult clothing. The price index of food and non-alcoholic beverages increased by 0.47%, led by the rising prices of fresh pork and vegetables.

For the 12 months ending July 2019, the average composite CPI rose by 2.96% from the previous period, with notable growth in the price indexes of education (+5.75%) and transport (+5.3%).DB