Consumer prices rise 2.4% YoY in December

The December inflation is lower than the November record of 2.6%.

Consumer prices rose 2.4% YoY in December, smaller than the 2.6% increase registered in November.

Netting out the effects of the government’s one-off relief measures, the Composite Consumer Price Index (CPI) would only increase by 1.4%, smaller than the November record of 1.6%.

The Census and Statistics Department attributed the smaller increase “to the decreases in the prices of fresh vegetables as well as the larger decreases in electricity charges.”

In December, prices rose for alcoholic drinks and tobacco (19.2%), clothing and footwear (4.0%), meals out and takeaway food (3.6%), miscellaneous services (3.2%), transport (2.9%), housing (2.8%), miscellaneous goods (2.2%), and basic food (0.1%).   

On the other hand, electricity, gas and water (-4.8%), and durable goods (-1.0%) saw price decreases in December.

The government expects inflation to stay moderate and external price pressure to recede in the near term.

“Domestic business costs could face upward pressures as the economy continues to recover.,” the government added.