Consumer prices up 1.02% in February
The average Composite Consumer Price Index (CPI) has grown in February by 1.02% in comparison with the last 12 months, a statistics release from the Statistics and Census Service (DSEC) has indicated.
According to the same release, the price indices’ rise is mostly attributable to household furnishings and services (+10.78%), education (+5.73%) and transport (+5.39%), which showed notable growth.
The average CPI-A and CPI-B also noted increases of 0.70% and 1.45%, respectively, over the same period.
The CPI-A and CPI-B relate to about 50% and 30% of households with an average monthly expenditure of MOP12,000-MOP35,999 and MOP36,000-MOP62,999 respectively; the Composite CPI relates to all the households.
The release shows the most significant part of the rise year-on-year is related to the first two months of 2023, when the average Composite CPI rose by 0.77% year-on-year, while average CPI-A and CPI-B went up, respectively, by 0.52% and 1.09%.
The increment in the CPI indices was attributed to higher prices for eating out and electricity, higher wages of domestic helpers, increased tuition fees and rising prices for gasoline.
The rise was partially offset by lower housing rentals and falling airfares. Among the various sections of goods and services, price indices for education (+9.98%) and household furnishings and services (+6.52%) year-on-year, grew more, while the indices for housing and fuels and communication dropped 1.7% and 1.57%, respectively.
Compared with January, the Composite CPI rose 0.09% in February, an increase mostly related to the higher prices of alcoholic beverages and the rising costs of medical insurance premiums, DSEC explained.
