THIS year's inflation story is now beginning to take shape. After January's artificially low increase of 6.2 per cent in the Consumer Price Index (A), February saw a more realistic return to 7.8 per cent.
Some might say that if January was unusually low because the Lunar New Year fell later than last year, then February must be artificially high. However, the story is not, of course, the impact of fresh fish, crabs and shrimps.
The figures which are being looked at, and borne, are those for housing.
Those in the CPI bracket paid a shade under 10 per cent more this February than in 1993; those earning a little more, and covered by CPI(B) were caned an extra 10.4 per cent, and those who have emerged in the sandwich class, covered by the Hang Seng CPI,found themselves with an extra 13.4 per cent of the household budget disappearing in rents or mortgages.
Sandwich class, maybe, but there will not be much between the dry bread at that rate.
Although the Hang Seng measures only 10 per cent of households - those which enjoy expenditure of between $17,500 and $37,499, it is this group - which largely does not enjoy the protection of public housing - which will feel the pain of property inflation more than most.