Hong Kong Inflation Rate Rises to 1.6% in November

Consumer prices in Hong Kong increased 1.6 percent year-on-year in November of 2017, following a 1.5 percent rise in the previous month. Prices went up at a faster pace for housing, transport and miscellaneous goods.

Year-on-year, prices advanced faster for housing (2.5 percent compared to 2.4 percent in October);  transport (1.7 percent compared to 0.8 percent) and miscellaneous goods (0.8 percent compared to 0.6 percent). In addition, prices rebounded for miscellaneous services (0.1 percent compared to -0.4 percent) and clothing and footwear (0.9 percent compared to -0.5 percent) and fell at a softer pace for durable goods (-2.5 percent compared to -2.9 percent) and alcoholic beverages and tobacco (-0.2 percent compared to -1.3 percent). Meantime, cost rose at a softer pace for food (2.3 percent compared to 2.9 percent), particularly food excluding meals bought away from home (1.6 percent compared to 3.3 percent) and decreased for utilities (-0.1 percent compared to 0.2 percent).

On a monthly basis, consumer prices increased 0.3 percent, the same as in the previous month. 

A Government spokesman said that consumer price inflation remained modest in November. The spokesman also commented that looking ahead, inflation pressure should be limited in the near term, given the prevailing mild external price pressure and moderate rises in local costs. The Government will continue to monitor the inflation developments closely, particularly its impact on the lower-income people.

Hong Kong Inflation Rate Rises to 1.6% in November

Census and Statistics Department | Stefanie Moya | stefanie.moya@tradingeconomics.com
12/21/2017 10:13:31 AM