Overall consumer prices in Hong Kong rose by 1.4 percent in September over the same month a year earlier, consumer price index figures showed on Friday.

Netting out the effects of the government's one-off relief measures, the year-on-year rate of increase in the Composite CPI – the underlying inflation rate – in September was 1 percent, also smaller than that recorded in August (1.2 percent), according to the data released by the Census and Statistics Department.

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A government spokesman said the underlying consumer price inflation rate eased as the effect of the upward adjustment in public housing rentals in the same month last year dissipated and the year-on-year increase in prices of meals out and takeaway food narrowed due to base effect. 

Overall inflationary pressures will likely increase in the near term alongside the continued economic recovery and rising import prices.

Spokesman, HKSAR government

Year-on-year increases in prices were recorded in September for electricity, gas and water (23.6 percent); clothing and footwear (8.7 percent); transport (5.4 percent); meals out and takeaway food (2.8 percent); durable goods (2.2 percent); basic food (1.3 percent) and miscellaneous services (0.9 percent), according to a government press release.    

Meanwhile, year-on-year decreases were recorded in September for miscellaneous goods (-2.1 percent), housing (-1.4 percent) and alcoholic drinks and tobacco (-0.6 percent).    

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Pressures on many other CPI components remained modest, though prices of electricity and clothing and footwear posted accelerated increases amid surging energy cost and improved local consumption demand, said the government spokesman.

“Overall inflationary pressures will likely increase in the near term alongside the continued economic recovery and rising import prices while the underlying inflation should remain largely moderate in the rest of the year as the local economy is still operating below capacity.”