Annual average inflation in Hong Kong is 3% Government spokesman: pay close attention to the impact on low-income people

Financial news

Written by: Zhai Ziqian

2020-01-21 17:26

The Census and Statistics Department today (21st) announced that the consumer price index for December 2019 increased by 2.9% year-on-year, which was slower than the 3% increase in November 2019. According to the Census and Statistics Department, it was mainly due to the narrowing of the increase in local transportation and meal expenses.

Excluding the effects of all government one-off relief measures, the year-on-year increase in the Composite Consumer Price Index (ie the basic inflation rate) in December 2019 was also 2.9%, which was similar to November.

The seasonally adjusted comprehensive consumer price index has an average monthly increase of 0.1% for the three months ending December 2019, which is the same as the corresponding increase for the three months ending November 2019; excluding all government one-off The corresponding increase in relief measures was 0.1%.

The consumer price index for December 2019 rose 2.9% year-on-year, slowing down from the previous month. (Profile picture)

Average monthly inflation of 0.1% in the past 3 months

According to the Census and Statistics Department, the CPI (A), CPI (B) and CPI (C) rose by 3.4%, 2.9% and 2.5% year-on-year, while the corresponding increases in November 2019 were 3.5%, 2.9% and 2.5%. ; Excluding all government one-off relief measures, the CPI (A), CPI (B) and CPI (C) rose by 3.5%, 2.7% and 2.4% year-on-year respectively.

Among the various components of the composite consumer price index, the year-on-year price increases recorded during the period were food (excluding meals away), up 13.8%, miscellaneous goods rose 3.4%, housing prices rose 3%, and meals away They rose 2%, miscellaneous services rose 1.6%, and transportation rose 1.6%.

In contrast, the categories that recorded annual declines during the period were electricity, gas and water down 6.6%, clothing and footwear down 3.1%, durable goods down 2.2%, and tobacco and alcohol down 1.3%.

The major components of the consumer price index in December 2019 were slight price pressure. Only fresh pork prices were high, leading to significant food inflation. (Profile picture)

Food inflation 13.8% High prices for fresh pork

A government spokesman said that the basic consumer price inflation rate in December 2019 remained stable at 2.9%, and the price pressure on the main components of the index remained mild or moderate, but food inflation was still significant due to the high price of fresh pork. For the whole of 2019, the average inflation rate of basic consumer prices was 3%.

Looking into the future, mild import inflation and weak local economic conditions should help control overall inflationary pressures in the short term. The government has indicated that it will continue to closely monitor the inflation situation, especially the impact on low-income people.

Inflation pork prices