Financial News: Hong Kong Inflation Rises To 1.9%

Hong Kong Inflation Rises To 1.9%

(RTTNews) - Hong Kong's consumer price inflation accelerated more-than-expected in September, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.9 percent year-over-year in September, faster than the 1.7 percent stable increase in August. The expected inflation rate was 1.8 percent.

The rise in inflation was mainly due to the accelerated increases in inbound and outbound transport fares and the charges for package holidays, the agency said.

Netting out the effects of all governments' one-off relief measures, the underlying inflation rate also rose to 2.1 percent from 1.9 percent, largely driven by faster price increases in fuel-related items.

Inflation based on utilities quickened to 12.9 percent from 11.5 percent, and transport charges grew at a faster pace of 5.2 percent versus a 3.9 percent rise in August. Housing costs were 0.2 percent higher, while food inflation eased marginally to 0.5 percent from 0.6 percent.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending September was 0.2 percent.

"Looking ahead, consumer price inflation will remain under upward pressure, as persistently elevated international oil prices feed through to fuel-related components amid ongoing geopolitical tension in the Middle East," a government spokesman said.

"Yet, price increases of other components were largely modest, thus keeping overall inflation moderate."

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