On October 22, the Hong Kong Special Administrative Region’s Census and Statistics Department released a report indicating that the overall consumer price index (CPI) in Hong Kong experienced a year-on-year increase of 2.2% in September 2024. This marks a decrease from the previous month’s increase of 2.5%. The reduction in the growth rate is largely attributed to a significant rise in food prices in September 2023, which set a higher comparison baseline.
Excluding the impact of one-off relief measures implemented by the government, the core inflation rate reflected a year-on-year increase of 0.9% in September, down from 1.2% the previous month.
In terms of the components of the overall CPI, the categories that saw a year-on-year price increase in September included tobacco and alcohol, which rose by 21.4%, followed by electricity, gas, and water (up 6.5%), housing (up 3.3%), miscellaneous services (up 2%), dining out and takeout (up 1.8%), miscellaneous goods (up 1.2%), and transportation (up 1%). Conversely, the categories that experienced price decreases included clothing and footwear (down 1.6%), basic food items (down 0.4%), and durable goods (down 0.4%).
A spokesperson for the government noted that inflation in Hong Kong remains at a mild level as of September. Generally, it is expected that inflation will continue to be moderate in the short term. The ongoing growth of the Hong Kong economy could create some moderate upward pressure on local costs. However, despite the uncertainties in the external environment, external price pressures are anticipated to further ease.
Furthermore, during the first nine months of this year, the overall consumer price index in Hong Kong saw a year-on-year increase of 1.9%, while the corresponding increase, excluding one-off relief measures, was recorded at 1%.
