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Macao's inflation rate falls to 5-year low in May

Xinhua, June 21, 2016 Adjust font size:

Macao's composite consumer prices index (CPI), a main gauge of inflation increased 2.64 percent in the year to May 2016, down from 3.02 percent in April, marking the slowest annual pace since August 2010, official figure from the statistics agency showed on Tuesday.

Macao's Statistics and Census Service (DSEC) indicated that the largest contribution to the fall in the rate come from Food & Non-Alcoholic Beverages, Housing & Fuels, and other smaller downward effects from Clothing & Footwear, Communication and Recreation & Culture which decreased 3.93 percent, 0.75 percent and 0.14 percent respectively.

On the contrary, growth in tobacco tax, tuition fees, rentals for parking spaces and prices of motor cars pushed up the price index of Alcoholic Beverages & Tobacco, Education and Transport by 42.69 percent, 8.98 percent and 7.71 percent respectively.

According to DSEC, Macao's CPI for May rose by 0.14 percent on monthly basis. Higher prices of cigarette drove up the price index of Alcoholic Beverages & Tobacco by 4.33 percent. Price index of both Transport and Clothing & Footwear up by 0.82 percent on account of dearer prices of gasoline and women's summer clothing.

On the other hand, notable decrease in vegetable prices offset the rise in prices of fresh pork and eating out, bringing the price index of Food & Non-Alcoholic Beverages down by 0.27 percent. Moreover, price index of Housing & Fuels decreased by 0.09 percent due to lower rentals for dwellings, but rising prices of Liquefied Petroleum Gas curbed the decline. Endit