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Financial News: Hong Kong Inflation Accelerates In October

Hong Kong Inflation Accelerates In October

11/22/2021 - 04:57:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation accelerated to a three-month high in October, data released by the Census and Statistics Department showed on Monday.

Consumer prices advanced 1.7 percent year-on-year in October, bigger than the 1.4 percent increase in September.

Netting out the effects of all government's one-off relief measures, underlying inflation rose marginally to 1.1 percent from 1 percent in September.

The increase in underlying inflation was driven by the enlarged increases in electricity charges as well as the prices of fresh vegetables.

Looking ahead, inflation pressure may go up somewhat in the near term alongside the faster increase in import prices and the economic recovery, a government spokesman said.

Yet, the underlying inflation should remain largely in check as domestic cost pressures are still tame, the spokesman added.

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