Inflation in Hong Kong is on the rise: the annual supermarket price survey of Consumer Council on 200 top-selling items in 2010 revealed that the aggregate average price of the basket increased 1.7% when compared to that of the previous year.
45% (89 items) of the surveyed items recorded increase in price, in particular, the price of eggs surged by almost 15%, the highest among all product groups.
Conducted by the Council, the annual price survey was based on the scanned data of 200 items of commodities sold in China Resource Vanguard, ParknShop Supermarket and Wellcome Supermarket. The 200 items were grouped into 12 main categories and 42 sub-categories for price trend analysis.
In comparison to 2009, the aggregate average price of 6 main categories recorded increases ranging from 0.2% to 8.7%. Among the 42 sub-categories, half of them were up by 0.3% to 14.6%. Eggs topped the list with the highest increase of 14.6%. Other sub-categories soaring more than 10% were bubble gum (13.8%), adult milk powder (12.5%) and infant formula (10.7%).
A double-digit annual rise in aggregate average price of milk powder (including infant formula and adult milk powder) was recorded since 2008 (11.7% in 2008 and 10.3% in 2009). Last year, the aggregate average price of infant formula rose by 10.7%. With the exception of one brand of infant formula which slightly adjusted its price downward by 1.2%, the prices of the other 4 infant formulas surveyed had increased.
6 main categories of products, on the other hand, went down in price. Significant drop was recorded in the aggregate average prices of canned food / condensed soup (-5.3%) and instant beverages (-3.2%).
A breakdown of product items by sub-categories showed that 21 recorded price decrease ranging from 0.2% to 10.0%, with canned meat (-10.0%), shampoo (-5.8%), and tea / health drinks (-5.1%) down more significantly.
The aggregate average price for alcoholic drinks reversed the downward price trends in 2008 and 2009 (down 8.3% and 7.0% respectively). The aggregate average price of fruit wine had gone up by 1.3% last year in contrast to its decreases in 2008 and 2009 (down by 9.7% for both years). Prices of 3 out of the 5 models of wine surveyed were up by 0.8% to 18.7%.
The overall prices of the basket of supermarket commodities surveyed last year showed a smaller increase in comparison to those of 2008 and 2009. However, the Composite Consumer Price Index for February this year was up 3.7% over the same month last year while the year-on-year increase for the component of food (excluding meals bought away from home) was 6.5%. Affected by external factors, an upward price trend is anticipated for some food items, which may result in higher inflation this year. In order to shop smart, consumers are advised to compare prices offered by different shops.
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