Inflation hits 2.7% in October

The increase in electricity, gas and water prices rose to 4.1%.

Inflation levels in Hong Kong rose to 2.7% YoY in October but remained unchanged on an MoM basis, according to the Census & Statistics department.

Residents should brace for a pinch as the increase in prices for electricity, gas and water hit 4.1% in October whilst food price increases were also above headline inflation levels at 3.9% over the same period.

The increase in prices for alcoholic drinks and tobacco; housing; clothing and footwear and transport also rose by 3.5%, 3%, 2% and 1.6% respectively.

On the other hand, the prices of durable goods fell 1.8%.

“The inflation rate may still be subject to some mild upward pressure in the coming months, due to rising local costs and continued feed-through of the earlier rises in fresh-letting residential rentals,” a government spokesperson said.