Financial News: Hong Kong Inflation Eases To 1.4%, Lowest In

Hong Kong Inflation Eases To 1.4%, Lowest In 5 Months

11/21/2024 - 04:13:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation softened further in October to the lowest level in five months, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.4 percent year-over-year in October, slower than the 2.2 percent rise in September.

Further, this was the lowest inflation rate since May, when prices had risen 1.2 percent.

The annual price growth in housing moderated to 1.0 percent 3.3 percent. Food price inflation slowed slightly to 0.9 percent 1.0 percent. On the other hand, utility costs grew at an accelerated pace of 8.5 percent.

Netting out the effects of all the government's one-off relief measures, underlying inflation rose to 1.2 percent from 0.9 percent.

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

"Looking ahead, overall inflation should stay mild in the near term," a government spokesman said.

Domestic costs may see some mild upward pressures as the Hong Kong economy continues to grow, while external price pressures should ease further, though uncertainties from the external environment remain, the spokesperson added.

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