A vendor points to fruits at the Yau Ma Tei fruit market in Hong Kong on Nov 22, 2022. (PHOTO / AFP)

HONG KONG - The overall consumer prices in Hong Kong rose by 2.1 percent in February over the same month a year earlier, according to official data released on Thursday.

This is larger than the rate of 1.7 percent recorded in January this year mainly due to the increases in food prices attributed to the Lunar New Year, the Census and Statistics Department said in a statement.

While prices of meals out and takeaway food continued to see relatively fast increases, prices of basic food declined from a year earlier, an HKSAR govt spokesman said

As the Lunar New Year fell in February this year but in January last year, the year-on-year comparison of the figures for January and February 2024 might have been affected by this factor to a certain extent, the department said.

Taking the first two months of 2024 together to neutralize the effect of the Lunar New Year, the Composite Consumer Price Index rose by 1.9 percent over a year earlier.  Netting out the effect of all government's one-off relief measures, the corresponding increase was 0.9 percent, it added.

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A Hong Kong Special Administrative Region government spokesman said that the underlying consumer price inflation rate stayed moderate in the first two months of 2024.

While prices of meals out and takeaway food continued to see relatively fast increases, prices of basic food declined from a year earlier. Prices of energy-related items fell further while price pressures on other major components remained broadly in check, he added.

Among the various components of the Composite CPI, year-on-year increases in prices were recorded for alcoholic drinks and tobacco (6.1 percent), meals out and takeaway food (3.6 percent), miscellaneous services (3.6 percent), housing (3.0 percent), transport (2.3 percent), clothing and footwear (1.3 percent), and miscellaneous goods (1.0 percent).  

On the other hand, year-on-year decreases were recorded for electricity, gas and water (-7.8 percent), durable goods (-1.4 percent), and basic food (-0.1 percent).  

READ MORE: Hong Kong inflation eases to 1.7% in January

Looking ahead, the spokesman said overall inflation should remain moderate in the near term. While domestic costs may face some upward pressures as the Hong Kong economy continues to grow, external price pressures should ease further, he added.