A vendor wearing a facemask minds her market stall which sells locally grown and imported vegetables in Hong Kong on March 18, 2020. (ANTHONY WALLACE / AFP)
The overall consumer prices in Hong Kong rose by 1.8 percent in November over the same month a year earlier, according to consumer price index figures released on Tuesday.
This is marginally larger than the corresponding increase, 1.7 percent, in October this year, the Census and Statistics Department said in a press release.
Netting out the effects of all government one-off relief measures, the underlying consumer price inflation rate edged up to 1.2 percent in November from 1.1 percent in October.
“While the year-on-year increase in prices of energy-related items widened further and those of certain major CPI components such as clothing and footwear and transport were more visible, price pressures on many other major components remained broadly in check,” said a government spokesman.
Inflation pressure is likely to increase further in view of the notable rise in import prices and the ongoing economic recovery.
Spokesman, HKSAR Govt
The larger increase was mainly due to the enlarged increases in electricity charges and prices of fresh vegetables, as well as the smaller decreases in the charges for information and communications services, according to the release.
Amongst the various components of the composite CPI, year-on-year increases in prices were recorded in November for electricity, gas and water (31.1 percent); clothing and footwear (6.7 percent); transport (5.3 percent); meals out and takeaway food (2.5 percent); basic food (1.9 percent); durable goods (1.8 percent) and miscellaneous services (1.1 percent).
On the other hand, year-on-year decreases in the components of the composite CPI were recorded last month for miscellaneous goods (-1.0 percent), alcoholic drinks and tobacco (-0.6 percent), and housing (-0.6 percent).
Inflation pressure is likely to increase further in view of the notable rise in import prices and the ongoing economic recovery, the spokesman said. “Nonetheless, as domestic cost pressures remain limited, the underlying inflation should stay largely contained in the near term.”
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