Published: 13:11, December 21, 2024
Hong Kong inflation stays at 1.4%
By Wang Zhan
Consumers select vegetables at a shop in Kennedy Town, Hong Kong, on Dec 12, 2024. (SHAMIM ASHRAF / CHINA DAILY)

HONG KONG – Overall consumer prices in Hong Kong rose 1.4 percent year-on-year in November, the same increase as in October, according to government data.

Netting out the effects of the government’s one-off relief measures, underlying inflation was 1.2 percent, also the same as in the previous month, the Census and Statistics Department announced on Friday.

Compared with November last year, price increases were seen in alcoholic drinks and tobacco; electricity, gas and water; miscellaneous services; meals out and takeaway food; transport; housing; and miscellaneous goods.

READ MORE: Hong Kong's consumer prices up 1.8% in October

Meanwhile, year-on-year decreases were recorded for clothing and footwear, durable goods, and basic food.

Pointing out that underlying consumer price inflation stayed modest in November, a government spokesman said food prices as a whole showed further mild year-on-year increases.

The decline in prices of energy-related items continued to narrow alongside the dissipation of a high base of comparison, the spokesman said, adding that price pressures on other major components remained broadly in check.

Looking ahead, the government said overall inflation should stay mild in the near term.

ALSO READ: Hong Kong's composite CPI up 2.1% in 2023

As the local economy continues to grow, domestic costs could see some mild upward pressures, said the spokesperson.

External price pressures should ease in broad terms, although uncertainties from the external environment have increased, the spokesperson added.