Consumer prices rise by 1.4% in September

The increase, however, was smaller than in the previous month's 1.6%.

Overall consumer prices rose by 1.4% year-on-year (YoY) in September, data from ​​Census and Statistics Department (C&SD) showed. This recorded price growth, however, was smaller than August 2021’s 1.6% increase.

The YoY rate of increase in the Composite Consumer Price Index (CPI) or the underlying inflation rate of 1%—after netting out the effects of all government's one-off relief measures—was also smaller than the August 2021 record of 1.2%.

C&SD said the smaller rise was “mainly due to dissipation of the effect of upward adjustment in public housing rentals in September 2020, as well as the smaller increases in the costs for meals out and takeaway food.”

Latest statistics also showed that Composite CPI components such as electricity, gas, and water (23.6%); clothing and footwear (8.7%); transport (5.4%); meals out and takeaway food (2.8%); durable goods (2.2%); basic food (1.3%), and miscellaneous services (0.9%) saw YoY price increases in September.

Miscellaneous goods (-2.1%), housing (-1.4%), and alcoholic drinks and tobacco (-0.6%), on the other hand, recorded YoY decreases.

A government spokesperson said overall inflation pressure will likely increase in the near term as Hong Kong sees continued economic recovery and rising import prices.

Meanwhile, the underlying inflation “should remain largely moderate in the rest of the year as the local economy is still operating below capacity."