Hong Kong's Composite Consumer Price Index (CPI) increased by 1.4% year-on-year in October, slower than the 2.2% rise recorded in September, according to government data released on Thursday.
The smaller rise was largely attributed to the dissipation of a low base effect from public housing rent adjustments and relief measures in the third quarter of 2023.
Excluding government relief measures, the underlying inflation rate in October was 1.2%, up from 0.9% in September.
The seasonally adjusted monthly CPI increase for the three months ending October was 0.1%, down from 0.4% in the prior period.
Among key CPI components, prices for alcoholic drinks and tobacco surged by 21.8%, while housing prices rose 1%. In contrast, clothing and footwear saw a 1.4% decline.
For the first 10 months of 2024, the Composite CPI rose by 1.8% year-on-year, with prices in the CPI(A), CPI(B), and CPI(C) sub-indices increasing by 2.2%, 1.7%, and 1.6%, respectively.
A government spokesman said underlying inflation remained modest in October, with food prices increasing slightly and energy-related price declines narrowing.
Price pressures are expected to remain mild in the near term, with domestic costs facing slight upward pressures as the economy grows, while external pressures ease.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.