Financial News: Hong Kong Inflation Steady At 1.4%

Hong Kong Inflation Steady At 1.4%

01/21/2025 - 03:58:00 (RTTNews)

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

The consumer price index, or CPI, climbed 1.4 percent year-over-year in November, the same as in the previous two months. Economists had expected inflation to rise slightly to 1.5 percent.

Utility costs grew 11.4 percent annually in December, and transport costs were 2.1 percent more expensive. On the other hand, clothing and footwear prices dropped at a faster pace of 3.2 percent.

Netting out the effects of all the government's one-off relief measures, underlying inflation was 1.3 percent versus 1.4 percent in November.

The average monthly rate of increase for the 3-month period ending in December was 0.1 percent.

During the year 2024, consumer prices were 1.7 percent higher compared to the previous year.

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

As the Hong Kong economy continues to grow, domestic costs may see some upward pressures, while external price pressures should remain contained, though uncertainties from the external environment warrant attention, the spokesperson added.

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