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Financial News: Hong Kong Inflation Eases Further To 2.4%

Hong Kong Inflation Eases Further To 2.4%

01/22/2024 - 04:29:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation moderated for the second straight month in December, data released by the Census and Statistics Department showed on Monday.

The consumer price index, or CPI, climbed 2.4 percent year-over-year in December, slower than the 2.6 percent rise in November. Economists had expected inflation to slow to 2.5 percent.

Food costs alone grew 2.3 percent annually in December, though slower than the 2.7 percent rise in the prior month.

The downward trend in inflation was also attributable to a 4.8 percent fall in utility costs.

Clothing and footwear prices climbed 4.0 percent annually, versus 4.7 percent in November. Housing costs were 2.8 percent more expensive.

Netting out the effects of all the government's one-off relief measures, underlying inflation also softened to 1.4 percent from 1.6 percent.

The average monthly rate of increase for the 3-month period ending in December was 0.4 percent.

During the year 2023, the overall CPI inflation was 2.1 percent, and core inflation was 1.7 percent.

"Looking ahead, overall inflation should stay moderate in the near term," a government spokesman said.

External price pressures are expected to ease further, while domestic business costs might face some upward pressures as the economy continues to recover, the spokesman added.

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