The Census and Statistics Department of Hong Kong today (Oct. 22) released the Consumer Price Index (CPI) for September. The overall consumer prices in September rose by 2.2% compared to the same month last year, a decrease from the 2.5% rise in August.
Excluding all one-off government relief measures, the underlying inflation rate for September was 0.9%, also down from 1.2% in August. The narrowing of the annual increase was mainly due to the high base effect of significant food price increases last September.
Among the various components of the Composite CPI, categories that recorded year-on-year price increases in September included tobacco and alcohol (up 21.4%), electricity, gas, and water (up 6.5%), housing (up 3.3%), miscellaneous services (up 2.0%), eating out and takeaways (up 1.8%), miscellaneous goods (up 1.2%), and transportation (up 1.0%). Categories that saw year-on-year price declines in September included clothing and footwear (down 1.6%), basic foodstuffs (down 0.4%), and durable goods (down 0.4%).
A government spokesperson stated that the underlying consumer price inflation in September remained mild. The year-on-year increase in food prices has slowed, and the decline in energy-related item prices has narrowed. The price pressures on other major components remain largely under control.
Looking ahead, overall inflation is expected to remain mild in the short term. Continued economic growth in Hong Kong may bring some mild upward pressure on local costs. Meanwhile, external price pressures should further ease, although the external environment still holds uncertainties. The government will continue to monitor the situation closely.
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