Inflation up 4.4% in September
This is up from only 1.9% in August.
The overall consumer price index increased by 4.4% year-on-year in September, the Census and Statistics Department (C&SD) reported.
This increase is linked to the low base comparison in September 2021 due to the waiver of public housing rental by the Hong Kong Housing Authority at the time.
After netting out the effects of the one-relief measure, the year-on-year increase in the overall CPI stood at 1.8%, close to the 1.9% growth seen in August 2022.
“While the headline inflation rate was notably higher, it was mainly due to the low base of comparison resulted from the waiver of public housing rentals by the Hong Kong Housing Authority in the same month last year,’ a government spokesperson said.
“Looking at the individual CPI components, prices of food, as well as clothing and footwear, continued to record relatively visible year-on-year increases, while those of energy-related items soared further. But price pressures on other major components were broadly in check.”
Read more: Inflation up by 1.2% YoY in May
On a year-on-year basis, increases in prices were seen in electricity, gas, and water (14.5%); housing (6.4%); basic food (4.3%); meals out and takeaway food (3.5%); clothing and footwear (3.0%); transport (2.1%); alcoholic drinks and tobacco (1.9%); miscellaneous services (1.4%) and miscellaneous goods (0.4%).
Meanwhile, a 0.5% YoY decrease was recorded for durable goods.