The city’s tourist price index (TPI), which reflects the price change of goods and services purchased by visitors, has dropped for the first time since 2002, down 2.72 per cent year-on-year during the third quarter of the year to 131.46, due to the decrease in hotel room rates, the latest data released by the Statistics and Census Service (DSEC) reveals. According to DSEC, the price index of local accommodation registered a year-on-year decrease of 10.88 per cent, the most notable drop observed in the TPI for the third quarter. In addition, prices for Clothing & Footwear were down nearly 7 per cent from the same period last year. Nevertheless, prices for Food, Alcoholic Beverages & Tobacco registered a year-on-year increase of 5.87 per cent. Costs for Transport & Communications, and Entertainment & Cultural Activities also jumped 3.94 per cent and 3.14 per cent year-on-year during the third quarter, respectively. Compared to the second quarter of the year, the TPI also fell 2.34 per cent, driven by the drop in prices of Clothing & Footwear and Accommodation of 6.78 per cent and 5.28 per cent quarter-on-quarter, respectively. According to DSEC, the decreases in the two sub-price indexes are ‘due to seasonal sale of ladies’ summer clothing and lower hotel room rate.’ By contrast, the data said the price index of Transport & Communications increased 1.67 per cent quarter-on-quarter, due to higher airfares. For the first three quarters of this year, the average TPI decreased 0.1 per cent year-on-year, with prices index of accommodation dropping 5.86 per cent year-on-year. However, cost of Restaurant Services and Food, and prices of Alcoholic Beverages & Tobacco, jumped 4.92 per cent and 4.76 per cent year-on-year during the nine months, respectively.
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