Financial News: Hong Kong Inflation Rises To 2.4%, Highest In

Hong Kong Inflation Rises To 2.4%, Highest In 4 Months

02/23/2023 - 06:29:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation accelerated further in January to the highest level in four months, largely due to higher utility and food costs, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 2.4 percent year-over-year in January, faster than the 2.0 percent rise in December.

Further, this was the strongest inflation since September 2022, when prices had risen 4.4 percent.

Prices of utilities grew the most, by 20.6 percent annually in January. Clothing and footwear costs rose 5.8 percent, and basic food prices were 5.0 percent more expensive.

Netting out the effects of all the government's one-off relief measures, the underlying inflation also rose to 2.4 percent from 2.0 percent, partly due to the early arrival of the Lunar New Year.

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

"Going forward, domestic cost pressures may increase alongside the economic recovery," a government spokesman said.

"External price pressures will likely remain notable, though moderating somewhat."

Overall, inflation is expected to face some upward pressure, but would likely remain moderate in the near term.

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