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Financial News: Hong Kong Inflation Eases To 1.7%, Lowest In

Hong Kong Inflation Eases To 1.7%, Lowest In 10 Months

02/22/2024 - 05:42:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation moderated for the third straight month in January to the lowest level in nearly a year, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.7 percent year-over-year in January, slower than the 2.4 percent rise in December. Economists had expected inflation to slow to 2.2 percent.

Further, this was the weakest inflation since March 2023, when prices had risen the same 1.7 percent.

Food costs rose 1.0 percent annually in January, though slower than the 2.3 percent rise in the prior month.

The downward trend in inflation was also attributable to a 7.6 percent fall in utility costs.

The annual growth in transport charges slowed to 1.8 percent from 2.9 percent.

Clothing and footwear prices climbed 3.5 percent annually, versus 4.0 percent in December. Housing costs were 2.9 percent more expensive.

Netting out the effects of all the government's one-off relief measures, underlying inflation also softened to 0.8 percent from 1.4 percent.

The average monthly rate of change for the 3-month period ending in January was flat.

"Looking ahead, overall inflation should remain 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 grow, the spokesman added.

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