Consumer prices rise 2.4% YoY in January

The rate of increase picked up from December. 

Consumer prices rose 2.4% YoY in January, a larger increase than the December 2022 record of 2.0% YoY.

The Census and Statistics Department (C&SD) attributed the larger increase to “the enlarged increases in the prices of food as well as electricity charges.”

In January 2023, basic food prices rose 6.0% YoY, whilst electricity, gas and water charges soared by 20.6% YoY.

Prices of clothing and footwear (5.8%), meals out and takeaway food (4.4%), miscellaneous services (2.0%), miscellaneous goods (1.0%), transport (0.9%), and alcoholic drinks and tobacco (0.8%) also rose in January.

On the other hand, prices of durable goods (-2.2%) and housing (-0.1%) declined in January.

For households in the relatively low (CPI-A), medium (CPI-B) and relatively high (CPI-C) expenditure ranges, consumer prices rose 2.6%, 2.3% and 2.4%, respectively.

Netting out the effects of all government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.6%, 2.2% and 2.4%, respectively.

A government spokesperson said the Composite Consumer Price Index (CPI) or underlying consumer price inflation picked up in January “partly due to the early arrival of the Lunar New Year, which fell in January this year but February last year.”

“It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the underlying inflation situation,” the spokesperson added.