October consumer prices up 5.8%

The Census & Statistics Department said the inflation rate was stable in October after its uninterrupted rise over the past year.

Overall consumer prices rose 5.8% in October over the same month last year, matching September's figure, the Census & Statistics Department said Tuesday.

Netting out the effects of the Government's one-off relief measures, the year-on-year rate of increase in the Composite Consumer Price Index in October was 6.4%, also matching that for September.

The department said the underlying inflation rate was stable in October after its uninterrupted rise over the past year, notwithstanding the enlarged increase in private housing rents and food prices.

It said inflation is likely to peak out during the fourth quarter, as price pressures on both the external and domestic fronts are set to ease alongside the retreat of global food and commodity prices in recent months, and a slowing local economy.

On a seasonally adjusted basis, the average monthly rate of change in the Composite Consumer Price Index for August to October was 0.5%, and the corresponding rate of change for July to September was -0.6%.

Netting out the effects of the Government's one-off relief measures, the average monthly rate of increase in the Composite Consumer Price Index for August to October was 0.5%, the same as that for July to September.

Year-on-year prices increases were recorded in October for alcohol and tobacco (19.9%), food (excluding meals bought away from home) (11.5%), housing (8.3%), meals bought away from home (6%), transport (4.8%), miscellaneous services (3.8%) and miscellaneous goods (3.1%).