Statistics and Census Service (DSEC) has reported a 3.15 percent increase in the average tourist price index (TPI) for 2024, bringing the index to 146.23.
This rise is primarily attributed to higher prices for jewellery and clothing, as well as increased charges for restaurant services.
The year-on-year analysis of various sections of goods and services shows significant growth in the price indices of miscellaneous goods (+9.86 per cent), clothing & footwear (+5.66 per cent), and restaurant services (+3.8 per cent).
However, the index for entertainment and cultural activities saw a notable decline of 13.76%.
In the fourth quarter of 2024 alone, the TPI rose by 1.05 per cent year-on-year, reaching 152.05.
This increase was driven by higher jewellery prices and restaurant service charges, although the impact was partially mitigated by lower hotel room rates.
Notably, the price indices of miscellaneous goods and restaurant services grew by 12 per cent and 3.4 per cent year-on-year, respectively, while entertainment and cultural activities and accommodation indices dropped by 11.5 per cent and 3.75 per cent.
Compared to the third quarter of 2024, the TPI for the fourth quarter saw a 3.29% increase. The price index for accommodation surged by 11.4 per cent due to higher hotel room rates amid the National Day holidays and the Grand Prix.
Additionally, the clothing and footwear index rose by 5.36% with the arrival of new winter clothing.
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