Macao's Inflation Hike Continues with Average CPI Rises 6.33%

MACAO Mar. 20 -- Macao's inflation escalated as the average Composite CPI (Consumer Price Index) for the 12 months ended February 2008 increased by 6.33 percent over the preceding period, statistics released Thursday by the Macao Special Administrative Region (SAR) government showed.

    Composite CPI for January to February this year went up by 8.89percent and "significant" increase in the price indices of food and non-alcoholic beverages, housing and fuels and health services has pushed the CPI in February 2008 to 122.64, up 9.47 percent year-on-year, according to figures released by the SAR's Statistics and Census Service (DSEC).

    According to DSEC, marked increase was recorded in food prices due partly to the previous snowstorm that hit the Chinese mainland, as prices of fresh pork, vegetable, edible oil, chilled or frozen poultry and salt-water fish registered over 20 percent increases respectively.

    In a bid to lessen the inflationary pressure on residents, the SAR government has launched a special subsidy plan which will cost the government over 800 million patacas (around 1 million U.S. dollars).

    The measures were formed, based on the current situation, to fight inflation and more relevant ones will be unveiled later depending on the extent of the inflation hike, said Chief Executive of the SAR government Ho Hau Wah.

(Edited by CBI China)