Consumer prices rise 2% YoY in September

The rate of increase in September was faster than August's.

Consumer prices rose 2.0% YoY in September, larger than the 1.8% increase registered in August.

Netting out the effects of the government’s one-off relief measures, the Composite Consumer Price Index (CPI) would only increase by 1.8%.

Data from the Census and Statistics Department showed that prices particularly rose for alcoholic drinks and tobacco (18.9%), clothing and footwear (6.5%), meals out and takeaway food (4.0%), electricity, gas and water (2.9%), miscellaneous services (2.7%), miscellaneous goods (2.5%), transport (2.4%), basic food (1.3%), and housing (0.9%).

Only durable goods (-1.8%) saw a price decrease in September.

“Prices of basic food turned to a year-on-year increase mainly due to the extreme weather conditions in the early part of the month. Prices of meals out and takeaway food increased at a faster pace,” the government said.

“Prices of clothing and footwear, and electricity continued to rise notably, but the rate of increase for the latter eased further. Price pressures on other major components remained broadly in check,” the government added.

In the near term, the government expects inflation to stay moderate and external price pressure to abate further.

“While domestic business costs could face some upward pressures, these are likely to remain largely moderate in the near term,” the government added.