ECONOMY | Staff Reporter, Hong Kong

Consumer prices climb 1.9% in January

Prices of electricity, gas, and water recorded the most increase for the month.

The overall consumer prices rose by 1.9% YoY compared to 2020 of the same period, according to statistics released by Census and Statistics Department.

The department said the increase was mainly due to low base of comparison resulting from the government's payment of public housing rentals and waiver of two-thirds of rent for tenants of Group B estates by Hong Kong Housing Society in January 2020.

Netting out the effects of all the government’s relief, the YoY rate of Composite CPI in January 2021 was -0.5%, lower than that in December 2020. The decrease was mainly due to the decreases in the costs for meals bought away from home and the enlarged decreases in the prices of pork.

Electricity, gas, and water prices increased YoY by 19.1%, housing by 6.1%, alcoholic drinks and tobacco by 2.5%, and miscellaneous goods by 0.8% in January 2021.

Meanwhile, decreases YoY were recorded for transport at 3.1%, clothing and footwear at 2.6%, durable goods at 1.8%, food (excluding meals bought away from home) at 0.3%, and miscellaneous services at 0.2% in the same month.

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