The Environment Bureau and the two power companies announced yesterday (9th) the rate of increase in prices for the coming year. Among them, the electricity tariffs of Hongkong Electric will increase by 7% and China Light and Power will increase by 5.8%.
The new crown pneumonia epidemic has dropped this year, and many people's livelihood-related products and services have increased their prices immediately, and their prices have even been higher than their pre-epidemic levels.
The increase in public services has not yet subsided. NWFB and Citybus will increase their fares by 3.2% in the second phase on the day following New Year’s Day next year. Part of the MTR fare concessions will end. After New Year’s Day next year, the actual fare paid by passengers may increase by 3.8 %.
According to the latest figures from the Census and Statistics Department, after the epidemic slowed down, the price indices of most consumer goods have shown signs of recovery this year, which will put people's lives on top of the list.
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The general price index has rebounded by 1.4 percentage points
The September Consumer Price Index released by the Census and Statistics Department earlier showed that the general price index fell by 2.2 percentage points in September last year, but by the latest September this year, the figure has rebounded by 1.4 percentage points. The prices of food, clothing and footwear, miscellaneous goods, etc. The index also shows signs of recovery.
Among them, the price index of transportation has surpassed the level before the epidemic, and the index of food has not fallen.
In September this year, the consumer price index for electricity, gas and water has increased by 23.6 percentage points from the same period last year due to the continuous rise in energy prices.
Today, the two power companies announced the latest increase in electricity tariffs, and the public is bound to add to the burden.
Even if the MTR freezes its prices next year, if no concessions are introduced, the actual fares paid by the public will increase by 3.8%.
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MTR fare deduction by 3.8%
The Composite Consumer Price Index rose 1.4% in September. If the upward trend continues, MTR fares linked to inflation data may also be affected.
The MTR fare adjustment equation is initiated by inflation and transportation industry wage index change data. Although the two sets of data will be released after a period of time, the latest data is now substituted into the equation to calculate that the fare adjustment rate this year is temporarily negative 0.3%.
Although the price reduction rate has been calculated, since the change has not reached the 1.5% start-up price reduction level, if the final figure is similar, the frozen price will be maintained.
Changes in fares are also affected by a number of factors. For example, it depends on whether the "cap" mechanism is touched.
In the past, the MTR had a delayed increase of about 2.85% that has not yet been processed. If the "cap" is activated again this year, as long as the formula yields the result of the same fare, the MTR will not be able to add an additional deferred increase.
MTR can add or subtract mechanism equation:
0.5*December composite consumer price index change
+0.5*the fourth quarter of the transportation industry wage index change
-productivity factor (0)-additional deduction (0.6%)
= forecast fare adjustment rate
However, starting from June 27 this year, the MTR has launched a 3.8% fare reduction discount in order to allow citizens to continue to enjoy fare reductions under the epidemic, which will end on January 1, 2022.
If the MTR does not maintain the discount, the actual fare paid by the public will still increase by 3.8%.
NWFB and Citybus increase their fares by 3.2% in the second phase
NWFB and Citybus were also approved by the government last year to increase the fare by 12% in stages. This year it has increased by 8.5% and will increase by 3.2% on January 2 next year.
Since the approved increase is a weighted average increase, when the two bus companies announced their fare schedule after the first phase increase this year, some routes have increased by 9.57%. It is expected that after another increase next year, the cumulative increase of related routes may exceed 12%. .
The price increase of a variety of vegetables ranges from 16% to 35%
According to information from the Vegetable Marketing Organization, the prices of various types of vegetables have increased year-on-year, ranging from 16% to 35%.
According to statistics from the Census and Statistics Department, the food price index has risen year after year. Although the rate of increase slowed last year, it has risen again by 2.2 percentage points this year.
Under the circumstances, the Examination and Assessment Bureau also announced that the examination fee for the Diploma of Secondary Education in 2022 will be increased by 2%. However, the examination fee for school candidates will be paid by the government, but self-study students will have to bear the increase.
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