Hong Kong consumer prices accelerate 1.2 pct in November, inflation to remain contained in near-term

Hong Kong’s overall consumer prices accelerated 1.2 percent year-on-year in November, the same as in October, according to the Census and Statistics Department. Excluding the effects of all government’s one-off relief measures, the year-on-year pace of rise in the composite CPI in November also stayed the same at 2.1 percent as compared with October 2016.

On a seasonally adjusted basis, the average monthly pace of rise in the composite CPI for the three-month period from September to November 2016 was 0.3 percent, the same as that for the prior three-month period. Excluding the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the three-month period from September to November 2016 was 0.3%, the same as that for the three-month period from August to October 2016, stated the Census and Statistics Department.

Amongst the several CPI components, year-on-year rises in prices were registered in November 2016 for food, meals bought away from home, alcoholic drinks and tobacco, miscellaneous goods and services and transport. Meanwhile, year-on-year drops in prices were seen in durable goods, clothing and footwear and in electricity, gas and water.

For three months ended, composite CPI was up 1.7 percent year-on-year, whereas after excluding the impacts of all government’s one-off relief measures were 2.2 percent.

A Government spokesman has stated that inflation remained quite stable in November. According to the spokesman, inflation risks are expected to stay contained in the near term, given the still-low global inflation and moderate rises in local costs. The Hong Kong government is expected to continue to monitor the inflation developments closely, especially its effect on the lower-income people.