Press Releases in Hong Kong

Hong Kong consumer prices rise 1.7% in October

People cross a road in the Central district of Hong Kong on Oct 25, 2021. (ISAAC LAWRENCE / AFP)

HONG KONG – Hong Kong's overall consumer prices rose 1.7 percent in October over the same month a year earlier, the Census and Statistics Department announced on Thursday.

Netting out the effects of the government's one-off relief measures, the year-on-year rate of increase in the composite consumer price index (CPI) was 1.1 percent, marginally larger than the 1.0 percent in September.

Looking ahead, inflation pressure may go up somewhat in the near term alongside the faster increase in import prices and the economic recovery

The larger increase was mainly due to the enlarged increases in electricity charges as well as the prices of fresh vegetables, according to the department.

A government spokesman said that the underlying consumer price inflation rate edged up as prices of energy-related items and certain individual items in major CPI components such as clothing and footwear and transport saw more visible year-on-year increases.

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Looking ahead, inflation pressure may go up somewhat in the near term alongside the faster increase in import prices and the economic recovery. Yet, the underlying inflation should remain largely in check as domestic cost pressures are still tame, the spokesman said.

The government will continue to monitor the situation closely, he added.