Hong Kong's overall consumer prices rose by 1.4% year-on-year in December 2024 -- the same as in November last year, according to data from the city's Census and Statistics Department.

Excluding the city's relief measures, the underlying inflation rate was 1.3% during the reporting month, marginally larger as compared with 1.2% in November 2024.

Alcoholic drinks, tobacco, electricity, gas, water, miscellaneous services, meals out, takeaway food, transport, housing, and miscellaneous goods saw a year-on-year increase in prices for the month in reporting.

Meanwhile, clothing, footwear, durable goods, and basic food saw a year-on-year decrease in prices for December 2024.

A government spokesperson said underlying consumer price inflation stayed modest in December. Food prices continued to record mild year-on-year increases, while the prices of energy-related items saw a slight increase partly due to a low base of comparison.

In the same Tuesday news release, the spokesperson also said that the price pressures on other major components remained broadly in check.

Looking ahead, Hong Kong expects overall inflation to stay moderate in the near term. At the same time, domestic costs may see some mild upward pressures as the local economy grows and the external prices will stay contained.