Food prices surge hit consumers
Updated: 2009-04-16 07:31
By Peggy Chan(HK Edition)
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Amid global economic upheaval, soaring unemployment and fears for the future, consumers took a hard whack last year at the supermarket. Prices of basic day to day commodities rose last year, the Consumer Council's annual supermarket price survey revealed.
The Consumer Price Index in 2008 increased 4.3 percent year on year, while the price of basic food supplies took a quantum leap, rising 16.8 percent, a rate almost four times greater than the CPI increase.
The Consumer Council analyzed the price trend of 200 most popularly purchased items in 2008. Three supermarket chains, CRVanguard, ParknShop and Wellcome, were surveyed in the year to year comparison.
The average price surge in the typical food basket was about 12.6 percent, but basic food products shot even higher.
Edible oils led the race for the stratosphere with prices soaring an aggregate average of 36.7 percent. The price of a bottle of Mazola pure corn oil catapulted from HK$57.4 to HK$101.7, or a 77.2 percent jump.
The Council cited last year's inflated energy prices as one cause.
Due to the appreciation of the renminbi, canned food imported from the mainland was notably more expensive in 2008.
The Council was informed of lower price of Thai rice this year, and said it hoped there will be a trend which will see prices for other products to drop further.
(HK Edition 04/16/2009 page1)