Inflation in Hong Kong decreases to 2.2% | 22.10.24

(RTTNews) – Hong Kong’s consumer price inflation weakened in September after remaining stable the previous month, data from the Census and Statistics Department showed on Tuesday.

The consumer price index, or CPI, rose 2.2 percent year-on-year in September, slower than the 2.5 percent increase in August. Economists had expected inflation to decline slightly to 2.4 percent.

Food price inflation slowed to 1.0 percent and 1.8 percent. Similarly, annual price growth of transportation costs fell to 1.0 percent to 2.8 percent.

On the other hand, prices of clothing and shoes fell 1.6 percent annually in September, and those of durable goods were 0.4 percent lower.

If we exclude the effects of all one-off government aid measures, underlying inflation fell from 1.2 percent to 0.9 percent.

The average monthly rate of increase for the three-month period ending in September was 0.4 percent.

“Looking ahead, overall inflation should remain subdued in the near term,” a government spokesman said.

Continued growth in Hong Kong’s economy could provide some moderate upward pressure on domestic costs, while external price pressures should ease further, although uncertainties in the external environment remain, the spokesperson added.