Inflation up 1.7% in December

Blame high prices of fresh vegetables and take away meals.

Overall consumer prices rose 1.7% YoY in December mainly due to the small price decrease in the prices for fresh vegetables and significant price increases recorded in take away meals, according to CPI figures released by the Census and Statistics Department. 

Amongst the various CPI components, the cost of meals bought away from home posted the largest increase at 2.7% YoY followed by housing prices which increased 2.5% YoY in composite CPI over the same period. 

On the other hand, there was a 1.4% price decrease in composite CPI for durable goods as well as a 0.3% decline in alcoholic drinks and tobacco. 

A government spokesman noted that CPI levels remained largely moderate this year, marking the sixth consecutive year of easing inflation.

Looking ahead, inflation pressure should remain contained in the near-term amidst modest global inflation figures and steady growth in local costs.