Hong Kong September core inflation rises to 2.1 per cent
Hong Kong's core inflation rate rose to 2.1 per cent in September, up 0.2 percentage points from August. The government attributed the increase mainly to faster rises in transport and package tour costs, and said fuel-related items were the primary driver. Overall inflation is expected to remain mod
Hong Kong’s core inflation rate rose to 2.1 per cent in September, up 0.2 percentage points from the previous month, according to the Census and Statistics Department. The city’s composite consumer price index (CPI) increased 1.9 per cent year on year, also 0.2 percentage points higher than in August.
The government said the widening annual increase was mainly due to faster rises in the cost of inbound and outbound transport and package tour fees. Among the CPI subcategories, the largest annual price increase was in electricity, gas and water, which rose 12.9 per cent. Miscellaneous services rose 5.3 per cent, and transport rose 5.2 per cent. In contrast, the prices of alcoholic drinks and tobacco fell 0.4 per cent, and basic food items fell 0.2 per cent.
A government spokesman said the core CPI rose 2.1 per cent year on year in September, higher than the 1.9 per cent recorded in August, driven mainly by a widening of price increases in fuel-related items. However, price rises in most other major components were generally mild, keeping overall inflation moderate.
Looking ahead, the spokesman said consumer price inflation would continue to face upward pressure because ongoing geopolitical tensions in the Middle East would sustain high international oil prices, which would continue to feed through to fuel-related items. Nevertheless, price pressures in other areas were expected to remain largely under control, meaning overall inflation should stay moderate.