The Census and Statistics Department of Hong Kong released the consumer price inflation figures for September. On a year-on-year basis, the overall headline inflation eased to 3.2 percent in the month from prior month’s year-on-year reading of 3.5 percent.
Excluding the effects of all Government’s one-off relief measures, the composite CPI came in at 3.2 percent year-on-year. The smaller rise in September was mainly because of dissipation of the effect of upward adjustment in public housing rentals in September 2018 and decreases in prices of fresh vegetables.
Amongst the various components, prices rose 13.1 percent for food, whereas it rose 3.2 percent for housing, 3.2 percent for miscellaneous goods and 2.6 percent for miscellaneous services. Meanwhile, prices dropped for electricity, gas and water; clothing and footwear, durable goods and alcoholic drinks and tobacco.
A government spokesman commented that the underlying consumer price inflation rate eased a bit, owing to the effect of upward adjustment in public housing rentals in the same month last year began to dissipate. While food inflation remained elevated due to increase in pork prices, price pressures on other major CPI components remained largely moderate.
“Looking ahead, overall price pressures should remain contained along with subdued local economic conditions and further easing of imported inflation. Yet, the inflation rate may stay somewhat elevated in the near term given the supply situation of fresh pork”, added the spokesman.
