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Hong Kong Inflation Rises To 2.0%, Highest In 4 Months

Hong Kong’s consumer price inflation accelerated to the highest level in four months in September after remaining stable in the previous month, data released by the Census and Statistics Department showed on Friday.

The consumer price index, or CPI, climbed 2.0 percent year-over-year in September, following a 1.8 percent rise in August.

Clothing and footwear prices alone grew 6.5 percent annually in September, and utility costs were 2.9 percent higher.

Food prices showed an increase of 3.0 percent, while those for durable goods dropped by 1.8 percent.

The annual price increase in basic food items was mainly due to the extreme weather conditions in the early part of the month.

Netting out the effects of all the government’s one-off relief measures, underlying inflation accelerated to 1.8 percent from 1.5 percent.

The average monthly rate of increase for the 3-month period ending in September was 0.1 percent.

“Looking ahead, overall inflation should stay moderate in the near term,” a government spokesman said.

“While domestic business costs might face some upward pressures, they should remain contained in the near term. The government will continue to monitor the situation.”

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