Hong Kong CPI rises 1.2pc in Nov

The overall consumer price index of Hong Kong rose by 1.2 percent in November, with the government projecting that inflation will remain modest in the short term due to managed cost pressures. 

Data released by the Census and Statistics Department (C&SD) today showed that the increase in CPI was the same as that in October. 

Netting out the effects of all one-off government relief measures, the year-on-year rate of increase in the underlying inflation rate also held steady at 1 percent last month, consistent with October’s figures. 

Among the various components, transportation saw a significant price increase of 3.5 percent, followed by a 2.1 percent rise in alcoholic drinks and tobacco, and a 1.9 percent increase in miscellaneous services. 

Other components recorded included a 1.6 percent increase in housing, a 1.3 percent gain in meals out and takeaway food, a 1.3 percent hike in miscellaneous goods, and a 0.7 percent increase in basic food. 

On the other hand, year-on-year decreases were recorded in components, including a 4.1 percent drop in clothing and footwear, a 3.3 percent decline in durable goods, and a 0.5 percent decrease in electricity, gas and water. 

The government spokesman said that inflation stayed subdued last month, with the year-on-year increase in underlying Composite CPI unchanged at 1 percent. 

Price pressures on various major components were contained in general. 

Looking ahead, overall inflation is expected to remain modest in the near term, as cost pressures on the domestic and external fronts are still largely contained.