Consumer prices rise 3.2pc in September

Business | Avery Chen 23 Oct 2019

Hong Kong's overall consumer prices rose by 3.2 percent in September from a year ago - the slowest in four months.

Excluding the effects of the government's one-off relief measures, the composite consumer price index (CPI) grew by 3.2 percent last month - slower than the 3.4 percent in August.

A government spokesman said the underlying consumer price inflation rate dropped to 3.2 percent in September, as the effect of upward adjustment in public housing rentals in the same month last year began to dissipate. While food inflation remained high due to high pork prices, price pressures on other major CPI components stayed largely moderate.

Overall price pressures should remain contained along with subdued local economic conditions and further easing of imported inflation. Yet, the inflation rate may stay somewhat elevated in the near term given the supply situation of fresh pork, the spokesman said.

Meanwhile, luxury cosmetics and skincare brand L'Occitane International (0973) posted net sales of 298.62 million euros (HK$2.61 billion) for the July-September quarter - a year-on-year increase of 25.5 percent at reported rates or 21.7 percent at constant exchange rates.

Net sales from Hong Kong grew by 6.3 percent at constant rates or 3 at constant exchange rates to 30.77 million euros last quarter.

However, same-store sales in Hong Kong slumped by 19 percent for the six months ended September.

Also, Chinese tea leaves retailer Ying Kee Tea House (8241) yesterday warned that it expects to incur a net loss of HK$6 million for the six months ending September 30, mainly due to loss of sales amid the recent social unrest.

Due to the political unrest, the company has shortened business hours and closed shops and concessionary counters. Fewer customers visited its shops especially during weekends, it added. Other factors involve the opening of a retail beverage shop and the increase in rental expenses upon renewal of leases, the company added.

Search Archive

Advanced Search
May 2020

Today's Standard

Yearly Magazine

Yearly Magazine