The Hong Kong SAR Government's Census and Statistics Department announced today (February 23) that the Composite Consumer Price Index rose by 2.4% year-on-year in January 2023, higher than the 2% increase in December last year. Excluding the impact of the SAR Government's single relief measure, the underlying inflation rate of 2.4% was also higher than the 2% increase in December last year.
Amongst consumer items, prices of utilities, basic food, clothing and footwear, meals out and takeaways, miscellaneous services, miscellaneous goods, transport, tobacco and alcohol rose, while prices of durable goods and housing fell.
The government said inflation rose to 2.4% last month, partly due to the early arrival of the Lunar New Year this year, and that a more effective assessment of the inflation situation could be made when February data is available for combined analysis.
The rate of food price inflation accelerated last month, with prices of energy-related items soaring further and clothing prices continuing to rise markedly, but price pressures in other major consumer items remained broadly contained.
Looking ahead, Hong Kong's domestic cost pressures may rise in tandem with the economic recovery; on the other hand, price pressures in the periphery are expected to moderate slightly, but remain significant. Overall, inflation may face upward pressure, but should remain moderate in the near term. The SAR Government will keep an eye on the situation.
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Above article is from Beijing Daily
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