Consumer prices rise 1.7% in October
The uptick was attributable to the lower ceiling of rates concession.
Overall consumer prices rose by 1.7% year-on-year (YoY) in October 2021 mainly due to the lowering of the ceiling rates concession from $1,500 to $1,000 per quarter for each rateable tenement in the same month.
Based on the report of the Census and Statistics Department’s (C&SD), the YoY uptick in consumer prices for the month was larger than the corresponding increase of 1.4% in September 2021.
Netting out the effects of all government's one-off relief measures, the YoY increase in the composite consumer price index (CPI) or inflation rate for the month was 1.1%, which is higher than September 2021’s record of 1.0%.
C&SD attributed the higher rate to the enlarged increases in electricity charges as well as the prices of fresh vegetables.
Amongst various components of the composite CPI, YoY increases were recorded for electricity, gas, and water (28.1%); clothing and footwear (6.1%); transport (5.7%); meals out and takeaway food (2.5%); durable goods (2.0%); basic food (1.8%); miscellaneous services (0.9%) and alcoholic drinks and tobacco (0.7%).
On the other hand, miscellaneous goods, and housing declined by 1.6% and 0.6%, respectively.
A government spokesperson said inflation pressure “may go up somewhat in the near term alongside the faster increase in import prices and the economic recovery.”