Oct Inflation Up 1.7%

Overall consumer prices rose 1.7% in October year-on-year, larger than the 1.4% growth in September, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, October’s underlying inflation rate went up 1.1% compared to a year earlier, marginally larger than the 1% recorded in September.

Compared with October last year, price increases were seen in electricity, gas and water, clothing and footwear, transport, meals out and takeaway food, durable goods, basic food, miscellaneous services and alcoholic drinks and tobacco.

On the other hand, year-on-year decreases in miscellaneous goods and housing were recorded.

The Government noted that the prices of energy-related items and certain individual items in such major consumer price index components as clothing and footwear and transport saw more visible year-on-year increases.

Price pressures on many other major components remained modest. 

Looking ahead, while inflation pressure may go up somewhat in the near term, alongside a faster increase in import prices and the economic recovery, the underlying inflation should remain largely in check as domestic cost pressures are still tame, it added.