Hong Kong's CPI rose 1.8% year-on-year last month, consistent with October, electricity, gas and water rose 14.3%

The government announced that Hong Kong's consumer price index (CPI) rose by 1.8% year-on-year last month, which was in line with October.

Excluding the impact of all the government's one-off relief measures, the underlying inflation rate rose by 1.7% year-on-year last month, also in line with the increase in October.

The seasonally adjusted Composite Consumer Price Index rose an average of 0.2% monthly in the three months through November, the same as the three-month rise in October.

Excluding the impact of all government one-off relief measures, the corresponding increases were all 0.1%.

The Census and Statistics Department also pointed out that the year-on-year increases in the CPIs A, B and C last month were 1.8%, 1.7% and 1.8% respectively.

The year-on-year increases of the three consumer price indices in October were 2%, 1.7% and 1.8% respectively.

Excluding the impact of all the government's one-off relief measures, the increases in Type A, Type B, and Type C CPIs were 1.8%, 1.7%, and 1.8% respectively.

The government pointed out that last month, electricity, gas and water increased by 14.3% year-on-year, clothing and shoes increased by 5.2%, dining out and takeaway increased by 3.6%, basic food increased by 3.3%, tobacco and alcohol increased by 1.7%, and transportation increased by 1.6% , miscellaneous services rose 1.6%, and miscellaneous goods rose 0.4%.

Prices of durable goods fell 1.6% year-on-year

The government also said prices of durable goods fell 1.6 percent last month, while housing prices fell 0.1 percent.

A government spokesman said that underlying consumer price inflation remained moderate in November.

The year-on-year increase in food prices remained relatively fast, and the prices of energy-related items and clothing and footwear continued to rise significantly, but the price pressure on other major components remained largely under control.

Import price pressures are expected to remain significant amid high inflation in many major economies, while local cost pressures are largely subdued, which should generally help keep inflation tame in the near term.

The Government will continue to monitor the situation.

Hong Kong’s CPI rose 1.7% year-on-year in October, a slowdown from September Government: Inflation remains moderate in the short term