CONSUMER PRICE INDEX

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Government of Macao Special Administrative Region Statistics and Census Service

CONSUMER PRICE INDEX

- -

Consumer Price Index

04/2018 - 03/2019 = 100

Changes of the Composite CPI for December 2019

%

Alameda Dr. Carlos d'Assumpção, No. 411-417, Dynasty Plaza, 17^th floor, Macao Tel: (853) 8399 5311 Fax: (853) 2830 7825 E-mail: info@dsec.gov.mo Official Statistics. Reproduction of these data is allowed provided the source is quoted.

www.dsec.gov.mo

Average index value for 2019 101.78 101.79 101.77

Year-on-year change (%) 2.56 2.54 2.98

DECEMBER 2019

The Composite CPI for December (102.94) increased by 2.56% year-on-year, attributable to rising prices of fresh pork, dearer charges for eating out, higher rentals for dwellings and increasing gasoline prices.

The Composite CPI rose by 0.20% month-to-month. Price indices of Clothing & Footwear and Recreation & Culture recorded notable growth on account of new arrival of winter clothing and higher charges for package tours. Price index of Food & Non-Alcoholic Beverages showed a slight increase owing to higher charges for eating out and dearer prices of vegetables, fruits, fresh fish and seafood; meanwhile, lower prices of fresh pork offset part of the increase.

The inflation rate for 2019 was 2.75%, mainly driven by higher rentals for dwellings, dearer charges for eating out, as well as increasing prices of fresh pork and gasoline. The average Composite CPI for the fourth quarter of 2019 grew by 2.71% year-on-year.

Composite

CPI-A CPI-B

CPI

0.20 0.19 0.21

For December 2019

Index Value 102.94 102.99 102.86

Month-to-month change (%)

Annualised Change (%) 2.75 2.69 3.34

Year-on-year change for the fourth

2.71 2.66 3.34

quarter of 2019

Annualised on-Year to-Month

Sections of Goods and Services Weight Year- Month-

Index 100.00 2.56 0.20 2.75

Food & Non-Alcoholic Beverages 27.94 5.31 0.02 3.82 Alcoholic Beverages & Tobacco 0.60 -0.65 0.20 -0.45

Clothing & Footwear 2.95 -5.41 1.44 -0.06

Housing & Fuels 33.75 1.28 0.07 1.76

Household Furnishings and

Services 4.16 1.96 0.38 2.26

Health 2.82 4.49 0^# 3.50

Transport 7.84 4.90 0.59 4.86

Communication 3.10 -2.79 -0.07 -1.66

Recreation & Culture 5.18 -2.82 1.16 0.94

Education 2.24 5.13 - 5.65

Miscellaneous Goods & Services 9.42 3.60 0.14 2.64

2020.01

2.5

3.0 3.5

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.

Annualised Change

Composite CPI CPI-A CPI-B

2.0 2.5 3.0 3.5 4.0

Year-on-Year Change

2019

統計暨普查局

100.0 101.0 102.0 103.0

Movements of the CPI

2019 2019

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Annual Average Composite CPI and Rate of Change by Section

%

Movements of the Composite CPI by Month for 2019

%

▪

2︱Consumer Price Index December 2019

Section of Goods and Services Weight Index for

2019

Year-on-year Change Contribution to the Year-on-year

2019 2018 Change of the Index for 2019

%

100.00

Food & Non-Alcoholic Beverages 27.94 102.71 3.82 2.76 41.02

Index 100.00 101.78 2.75 3.01

Clothing & Footwear 2.95 100.66 -0.06 6.57 -0.07

Alcoholic Beverages & Tobacco 0.60 99.53 -0.45 -0.08 -0.10

Household Furnishings and Services 4.16 101.27 2.26 2.78 3.62

Housing & Fuels 33.75 101.68 1.76 2.14 23.12

Transport 7.84 101.86 4.86 5.32 14.41

Health 2.82 102.55 3.50 4.80 3.81

Recreation & Culture 5.18 102.35 0.94 2.55 1.91

Communication 3.10 97.50 -1.66 -8.48 -1.98

Miscellaneous Goods & Services 9.42 101.72 2.64 3.40 9.57

Education 2.24 100.53 5.65 4.76 4.68

Month Index Year- Month-

Annualised The month-to-month changes of the Composite CPI for 2019 varied between -0.40% and 0.68%. The Composite CPI for February showed the highest month- to-month growth of the year (+0.68%) on account of rising charges for package tours and higher airfares during the Lunar New Year period, as well as dearer rentals for dwelling and higher prices of vegetables and gasoline.

Value on-Year to-Month

January 100.52 3.04 0.15 3.11

February 101.21 2.79 0.68 3.09

March 100.80 2.84 -0.40 3.10

The year-on-year changes of the monthly Composite CPI for 2019 varied between 2.56% and 3.04%. The increases were mainly attributable to dearer charges for eating out, higher rentals for dwellings as well as rising prices of fresh pork, motor cars and gasoline.

March was the only month that recorded a month-to-month decline (-0.40%) in the year, which was due to receding package tour charges and airfares after the Lunar New Year as well as seasonal sale of winter clothing.

May 101.34 2.69 0.28 3.07

June 101.64 2.62 0.29

April 101.06 2.77 0.25 3.09

3.03

September 102.38 2.73 0.20

July 101.86 2.60 0.22 2.96

2.86

October 102.68 2.86 0.29 2.82

August 102.17 2.83 0.30 2.92

0.20 2.75

The annualised change (the change between the average index for the past 12 months ended the reference month and the corresponding index from a year ago) of the Composite CPI eased from 3.11% in January to 2.75% in December.

Analysed by section, the annualised change of the price index of Food & Non- Alcoholic Beverages rose constantly since March ascribable to higher charges for eating out and dearer prices of fruits and fresh pork. The annualised change of the price index of Housing & Fuels saw a slowdown in growth since July as a result of lower electricity charges and falling prices of Liquefied Petroleum Gas. In addition, the growth in price index of Clothing & Footwear decelerated noticeably, with the index registering a fall of 0.06% in December. Meanwhile, price index of Communication continued to decrease but at a much slower rate.

November 102.73 2.70 0.05 2.78

December 102.94 2.56

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Movements of the Composite CPI by Section for 2019

December 2019

Section of Goods and Services

Year-on-Year Change

Contribution to the

Movements of the CPI Change of the

Composite CPI

%

Food & Non-Alcoholic Beverages 3.82 41.02 Food & Non-Alcoholic Beverages contributed the most to the increase in the overall index. In this section, significant growth was observed in the price indices of fresh, chilled or frozen pork (+24.50%), fruits (+9.31%), pastries (+3.68%) and eating out (+3.05%); meanwhile, the only decline was recorded in the price index of sugar, jam, chocolate and confectionery (-3.79%).

In comparison with 2018, average retail prices of lean meat, pork chops, apples and oranges saw notable increases among the major food products, whereas the prices of hairy gourd and Chinese lettuce fell markedly.

Housing & Fuels 1.76 23.12 The contribution of Housing & Fuels to the increase in the overall index was second to that of Food & Non-Alcoholic Beverages in 2019. It was driven by higher rentals for dwellings and rising charges for maintenance and repair of dwellings. On the other hand, price indices of Liquefied Petroleum Gas and electricity dipped by 1.96% and 1.23% respectively.

Household Furnishings and Services 2.26 3.62 Price indices of household tools & equipment (+3.45%), household textiles (+3.22%) and domestic services (+2.85%) registered notable increases, but price index of furniture and furnishings (-0.71%) decreased.

Alcoholic Beverages & Tobacco -0.45 -0.10 Price index of Alcoholic Beverages & Tobacco decreased as the price indices of alcoholic beverages and tobacco dropped by 1.23% and 0.15% respectively.

Clothing & Footwear -0.06 -0.07 Price index of Clothing & Footwear edged down in 2019. Price indices of other articles of clothing and clothing accessories (-2.72%) and garments for children and infants (-1.02%) registered a marked decline, whereas price index of footwear for women (+2.72%) rose markedly.

Communication -1.66 -1.98 Price index of Communication recorded the largest decline (-1.66%) in 2019 among all sections of goods and services, but the decrease was less significant compared to 2018 (-8.48%). Price indices of telecommunications services and telecommunications equipment reduced by 8.98% and 0.92% respectively.

Recreation & Culture 0.94 1.91 Price indices of newspapers, books & stationery (+4.09%) and recreational & sporting services (+2.74%) recorded growth, while price index of audio-visual, photographic &

information processing equipment (-2.17%) dropped markedly. Moreover, the increase in price index of package tours and hotels eased to 0.36% as package tour charges and hotel room rates showed slower growth.

Health 3.50 3.81 Notable growth was seen in price indices of therapeutic products (+5.17%), inpatient

services (+4.55%) and medical services of outpatient services (+4.15%).

Transport 4.86 14.41 Price index of Transport increased, driven by the rise in the price indices of automotive fuels (+10.82%), purchase of motor cars (+8.44%) and maintenance & repair of vehicles (+4.97%). Meanwhile, price index of passenger transport by air (-6.09%) dropped owing to lower airfares.

Consumer Price Index︱3

Education 5.65 4.68 Price indices of secondary education (+10.67%), pre-primary & primary education

(+10.17%) and education not definable by level (+3.24%) registered rise.

Miscellaneous Goods & Services 2.64 9.57 Price index of jewellery, clocks & watches rose by 7.68% due to dearer prices of gold jewellery. Higher charges for safety boxes, photocopy services, key duplication, beauty

& hairdressing services and elderly care services drove up the price indices of other services (+5.54%), hairdressing & beauty services (+3.00%) and social protection (+2.01%).

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Historical Data for the Composite CPI

%

Explanatory Note

Methodology

Glossary

Symbols and Abbreviations

0^# Magnitude less than half of the unit employed - Absolute value equals zero

% Percentage MOP Macao Patacas

For additional information:

http://www.dsec.gov.mo/e/cpi.aspx

4︱Consumer Price Index December 2019

2014 2015 2016 2017 2018

3.01

December

Year-on-year change 5.59 3.73 1.44 2.04 2.94

Annual inflation rate 6.05 4.56 2.37 1.23

Annualised change 6.05 4.56 2.37 1.23 3.01

Month-to-month change 0.29 0.25 0.17 0.51 0.34

Weight : The relative importance of the goods/services as measured by their shares in the total consumption of households.

Starting from October 2019, the Statistics and Census Service (DSEC) releases the new CPI series rebased to the period of April 2018 to March 2019. The newly rebased CPI is revised according to the results of the 2017/2018 Household Budget Survey. The CPI-basket contains 780 items of goods and services; surveyed outlets totalled 1,172 and an average of 8,706 prices were collected each month for the compilation of CPI. Besides, leasing information on residential units from the Financial Services Bureau is applied in the compilation of the index of rentals for housing to enhance representativeness of the index. As compared to the previous base period, Housing & Fuels surpassed Food & Non-Alcoholic Beverages to account for the largest expenditure weight due to increased household expenditure on rentals for housing. Meanwhile, the weight of Transport and Clothing & Footwear decreased owing to reduced expenditure on purchase of motor cars, clothing and footwear by households.

Base period : The period for which the value of the index is set equal to 100, and the index of the base period is used to compare with index in other periods.

Consumer Price Index (CPI) : An economic indicator which measures changes in the price level of consumption goods/services acquired or used by households.

Contribution to the change of CPI : The percentage change in the price index of a section, class or group to the change in the CPI.

Inflation : An indicator derived from the CPI to reflect the changes in general consumer prices.

Year-on-year change for

5.96 3.89 1.43 1.76 3.14

the fourth quarter

Taking into account the varying consumption patterns of households, DSEC compiles three separate CPI series. The CPI-A relates to about 50% of the households, which have an average monthly expenditure of MOP 12,000 to MOP 35,999; the CPI-B relates to about 30% of households, which have an average monthly expenditure of MOP 36,000 to MOP 62,999; meanwhile, the Composite CPI is compiled based on the aggregate consumption patterns for CPI-A and CPI-B. These three index series reflect the impact of price changes for goods/services within the reference period on households of different expenditure ranges.