HK Consumer Prices Drop by 1.1 Percent in AugustThe overall consumer prices declined by 1.1% in August 2001 over a year earlier, somewhat larger than the 0.9% decrease in July 2001, according to the statistics released by Hong Kong government on September 21.The larger year-on-year decrease in the Composite Consumer Price Index (CPI) in August 2001 than in July 2001 was mainly attributable to a fall in the prices of basic foodstuffs. In particular, the prices of fresh vegetables eased back distinctly in August, from a relatively high level in July as supply was disrupted by the rainy weather. This more than offset the effect of a further narrowing in decline of private housing rentals. For the three months ended August 2001, the Composite CPI fell by 1.0% over a year earlier. Taking the first eight months of 2001 together, the Composite CPI was on average 1.5% lower than a year earlier. For the 12 months ended August 2001, the Composite CPI was on average 1.8% lower than in the preceding 12-month period. |
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