ECONOMY | Staff Reporter, Hong Kong

Inflation picks up pace at 2.7% in September

The increase in food prices hit 5.1%.

Inflation levels in Hong Kong rose at a faster clip after rising 2.7% in September from 2.3% in August, according to the Census & Statistics department.

Consumers have to shell out more for their day-to-day needs as the price increase for food recorded the largest inflationary growth at 5.1% followed by basic utilities including electricity, gas and water which grew 3.8%.

Inflation levels for housing, clothing and footwear, alcoholic drinks and tobacco, and transport also rose by 2.9%, 2.5%, 2.2% and 1.3% respectively in September. On the other hand, prices for durable goods dipped 1.8% over the same period.

“[T]he underlying inflation rate went up to 3.1% in September, mainly on account of special factors including the upward adjustment in public housing rentals and increase in school fees as the effects of the government subsidy schemes introduced a year earlier dissipated,” a government spokesperson said in a statement.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.