The Census and Statistics Department announced today (22nd) that the consumer price index for October this year increased by 1.7%, that is, the underlying inflation rate. Excluding the effects of all government one-off relief measures, it recorded an increase of 1.1%, compared with 1.0 in September this year. % Is slightly higher.
The Census and Statistics Department estimates that it is mainly due to the increase in electricity costs and the increase in the price of fresh vegetables.
The categories that recorded the highest increase were electricity, gas and water, which rose by 28.1%.
The government pointed out that with the acceleration of import prices and economic recovery, inflationary pressures may rise slightly in the short term, but it believes that basic inflation should be largely kept under control.
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Excluding the government's one-off relief measures, the underlying inflation rate rose 1.1% in October
The Census and Statistics Department announced that according to the Composite Consumer Price Index, overall consumer prices in October this year increased by 1.7% compared with the same month before last year, which was higher than the corresponding increase of 1.4% in September this year.
However, the Census and Statistics Department believes that October recorded a larger year-on-year increase. Since October this year, the upper limit of rates concessions has been lowered from $1,500 to $1,000 per quarter for each rateable property.
Excluding the effects of all government's one-off relief measures, the year-on-year increase in the Composite Consumer Price Index in October, that is, the underlying inflation rate was 1.1%, which was slightly higher than the 1.0% in September this year.
The Census and Statistics Department estimated that it was mainly due to the increase in electricity costs and the increase in the price of fresh vegetables.
The Consumer Council investigated the total average selling price of 230 items in two large supermarket chains in Hong Kong and found that despite the economic downturn, it was still up 1.9% from 2019.
(Provided by Consumer Council)
Electricity, gas and water surged by 28.1% year-on-year, while housing fell by 0.6%
Among the various composite consumer price index components, the categories that recorded year-on-year increases in October this year include: electricity, gas and water surged 28.1%, clothing and footwear rose 6.1%, transportation rose 5.7%, dining out and food delivery Increased 2.5%, durable goods rose 2.0%, basic food rose 1.8%, miscellaneous services rose 0.9%, and tobacco and alcohol rose 0.7%.
On the other hand, the categories that recorded year-on-year declines include: miscellaneous goods fell 1.6%, and housing fell 0.6%.
Calculated in the first 10 months of this year, the composite consumer price index increased by 1.5% over the same period last year. Excluding the impact of all government’s one-off relief measures, the corresponding increases in the category A, category B and category C consumer price indices were 0.5 respectively. %, 0.7%, 0.2% and 0.4%.
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Government: local cost pressure is still slight, inflation is generally controlled
A government spokesman said that the prices of energy-related items and individual major consumer price index items (including clothing, footwear and transportation) have recorded significant year-on-year increases, while other major items are still under mild price pressure.
The government spokesperson continued that looking ahead, with the acceleration of import prices and the economic recovery, inflationary pressures may rise slightly in the short term.
However, local cost pressures are still slight, and basic inflation should be largely kept under control.
The government will continue to monitor the situation closely.
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