Summer clothing arrival drives up prices

The Composite Consumer Price Index (CPI) for the month of June 2019 increased by 2.62% year-on-year to reach 115.80, according to the latest information from the Statistics and Census Service (DSEC).

DSEC attributed the June increase to dearer charges for eating out and rising rental costs for dwellings, as well as higher prices for motor cars, gasoline, fruit and fresh pork.

Among the various sections of goods and services, the price indexes of education and transport grew notably by 5.9% and 4.76% respectively year-on-year, whereas the index of clothing and footwear decreased by 1.4% compared with June 2018.

However, on a month-to-month basis, the Composite CPI rose 0.29%, led by an increase in clothing prices compared with May due to the arrival of new summer clothing, as well as rising gold prices.

Meanwhile, the index of food and non-alcoholic beverages increased 0.43%, owing to higher prices for fresh pork and dearer charges for eating out. At the same time, lower prices for vegetables tapered off part of the increase.

For the 12-month period ending in June 2019, the average Composite CPI rose by 3.03% from the previous period. It recorded notable growth in the price indexes of education and transport, which rose 5.62% and 5.43% respectively.

The Composite CPI reflects the impact of price changes on households in Macau. It is used as a key indicator of inflation. DB