Hong Kong Business News

Consumer prices increased 2.7% year-on-year in October, a larger rise than that registered in September, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 1.7%, lower than that seen in September.

Compared with October last year, price increases were recorded in the following categories: alcoholic drinks and tobacco; clothing and footwear; meals out and takeaway food; basic food; miscellaneous services; housing; transport; miscellaneous goods; and electricity, gas and water.

By contrast, a year-on-year price decrease for durable goods was recorded.

The Government said underlying consumer price inflation remained moderate in October.

It noted that prices for meals out and takeaway food, and for clothing and footwear, had continued to rise noticeably on those of a year earlier, while price pressures on other major components remained broadly in check.

Looking ahead, the Government said overall inflation might stay moderate in the near term and that external price pressures are expected to soften further. It added that while domestic business costs could face upward pressures, these are likely to be contained in the near term.

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