Financial News: Hong Kong Inflation Rises To 2.7%, Highest In

Hong Kong Inflation Rises To 2.7%, Highest In 13 Months

(RTTNews) - Hong Kong's consumer price inflation accelerated for the second straight month in October to the highest level in just over a year, data released by the Census and Statistics Department showed on Tuesday.

The consumer price index, or CPI, climbed 2.7 percent year-over-year in October, following a 2.0 percent rise in September.

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

Housing costs alone grew 2.7 percent annually in October, faster than the 0.9 percent rise in the prior month.

Clothing and footwear prices climbed 6.3 percent annually in September, and food costs were 3.0 percent higher.

Netting out the effects of all the government's one-off relief measures, underlying inflation eased to 1.7 percent from 1.8 percent.

The average monthly rate of increase for the 3-month period ending in October was 0.5 percent.

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

"While domestic business costs might face some upward pressures as the economy continues to revive, they should remain contained in the near term."

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