Hong Kong CPI inflation eases in Sept ’24
Hong Kong’s consumer price index (CPI) rose by 2.2 per cent in September 2024 compared to the same month a year earlier, according to the Census and Statistics Department (C&SD). This is a slight decrease from the 2.5 per cent increase recorded in August 2024.
Underlying inflation, which excludes the impact of government one-off relief measures, eased to 0.9 per cent in September 2024 from 1.2 per cent in August 2024.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three months ending September 2024 was 0.4 per cent, down from 0.6 per cent in the previous three-month period.
Key Points:
- Food prices: The easing of inflation was primarily due to a decline in food prices compared to the significant increases seen in September 2023.
- Government relief measures: The government’s one-off relief measures continued to have a moderating effect on inflation.
- Underlying inflation: The underlying inflation rate remained relatively low, suggesting that inflationary pressures are easing.
The government expects inflation to remain mild in the near term, although there are some uncertainties in the external environment that could put upward pressure on domestic costs. The government will continue to monitor the situation closely.
Attribution: Census and Statistics Department Statement & Monthly Report
