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Financial News: Hong Kong Consumer Prices Fall Further

Hong Kong Consumer Prices Fall Further

11/20/2020 - 06:40:00 (RTTNews)

(RTTNews) - Hong Kong's consumer prices declined for the fourth month in a row in October, albeit at a softer pace, data from the Census and Statistics Department showed on Friday.

The composite consumer price index fell 0.2 percent year-on-year in October, following a 2.2 percent decline in September.

The pace of annual decline slowed mainly due to the effect of the waiver of public housing rents by the Hong Kong Housing Authority in September, dissipated in October.

Excluding the effects of all government one-off relief measures, the composite consumer price index rose 0.4 percent annually in October, following a 0.5 percent rise in the previous month. The year-on-year increase in prices of meals bought away from home accelerated slightly as the local epidemic situation remained stable, a government spokesman said.

"Looking ahead, overall inflationary pressures should stay tame in the near term as the evolving COVID-19 pandemic still weighs on the global and local economic conditions," the spokesman said.

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