Tourist price index increases 5 pct year-on-year

The average Tourist Price Index (TPI) for 2014 increased by 5.15 percent year-on-year, the Statistics and Census Service revealed.
A marked increase was recorded in the price index of accommodation (+ 8.73 percent); restaurant services (+ 6.37 percent); clothing and footwear (+ 5.73 percent); and food, alcoholic drinks and tobacco (+ 5.22 percent).
However, the price index of transport and communications and of miscellaneous goods decreased by 0.82 and 0.57 percent respectively year-on-year.
Data released by DSEC shows that the TPI for the fourth quarter of 2014 increased 2.43 percent year-on-year mainly due to rising charges for restaurant services and dearer prices of local food products.
A significant increase was recorded in the price index of restaurant services (+ 8.48); food, alcoholic drinks and tobacco (+ 6.22 percent); entertainment and cultural activities (+ 5.28 percent); and clothing and footwear (+ 4.42 percent).
On the other hand, the price index of hotel accommodation decreased by 2.65 percent year-on-year.
For the fourth quarter of 2014, TPI increased 7.82 percent quarter-to-quarter. Soaring hotel room rates throughout national holidays, the Macau Grand Prix and Christmas helped push the price index of accommodation up significantly, with an increase of 24.4 percent. Ferry tickets and taxi fares also recorded higher prices.