The Hong Kong inflation rate rose marginally in November, reflecting the dissipation of the fuel rebate on electricity.
Data from the Census and Statistics Department (C&SD) for November, showed overall consumer prices rose by 2.4 per cent – the same rate as the underlying inflation rate, which nets out the effect of government on-off relief measures.
October’s underlying inflation rate was 2.3 per cent.
A government spokesman said inflation stayed moderate in November. “The slight uptick in the year-on-year rate of increase in the underlying Composite CPI was due to dissipation of the effect of a special fuel rebate in electricity. The year-on-year increases in prices of most other CPI components actually eased slightly in November.”
The spokesman said that, looking ahead, inflation should remain contained in the near term given the soft import prices and moderate local cost pressures.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three months from September to November was 1.6 per cent, and for the three months from August to October was 0.6 per cent. Netting out the effects of all government’s one-off relief measures, the average monthly rate of increase in the Composite CPI for the three months from September to November was 0.3 per cent, and for the three months from August to October, 0.2 per cent.
Amongst the various CPI components, year-on-year increases in composite CPI prices were recorded in November for meals bought away from home (four per cent); food (excluding meals bought away from home) (3.7 per cent); and alcoholic drinks and tobacco (0.7 per cent).
Year on year decreases in prices were recorded for durable goods (5.2 per cent) and clothing and footwear (1.7 per cent).