Consumer prices ease for fourth month

Business | 20 Nov 2020 9:49 pm

The consumer price index for October fell by 0.2 percent month-on-month, down four consecutive months.

The decline was smaller than that in September with a drop of 2.2 percent as the effect of the waiver of public housing rentals by the Hong Kong Housing Authority in September dissipated in October, the Census and Statistics Department announced.

Excluding the effects of all one-off relief measures, the year-on-year rate of increase in the underlying inflation rate in October was 0.4 percent, marginally lower than in September. The increase in September was mainly due to the marginal rise in private housing rentals and charges for household services.

For the first 10 months, the underlying inflation rate grew by 0.5 percent over a year earlier. The corresponding rate of change after excluding the effects of all one-off relief measures wwas 1.5 percent.

A government spokesman said the year-on-year increase in private housing rentals continued to ease, while price pressures on many other major CPI components remained modest amid weak economic conditions.

However, the year-on-year increase in prices of meals bought away from home accelerated slightly.

 

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