Macao inflation falls to 0.81% in 2020

Macao’s consumer price inflation rate amounted to 0.81 per cent last year, one of the lowest in recent years, according to data released by the Statistics and Census Bureau (DSEC) this week.

Year-on-year, the 2020 inflation rate was down by 1.94 percentage points.

In 2019, the inflation rate stood at 2.75 per cent, at 3.01 per cent in 2018 and at 1.23 per cent in 2017, according to DSEC data.

A DSEC statement yesterday said that last year’s increment “was driven by rising charges for eating out and outpatient services, higher residential rents and higher prices of fresh pork and jewellery.

Analysts point out that Macao’s economy last has been severely impacted by the Covid-19 pandemic.

Macao’s first novel coronavirus cases was confirmed on 22 January 2020. Its tally of Covid-19 cases stands at 47, its death toll remains at zero.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services. Data for the inflation rate are averages for the year, not end-of-period data.

Meanwhile, according to the bureau, Macao’s composite consumer price index (CPI) for last month dropped by 0.87 per cent year-on-year.

(The Macau Post Daily/ Macao News)
Photo by Government Information Bureau (GCS)