Consumer Price Indices for November 2019

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December 20, 2019 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for November 2019. According to the Composite CPI, overall consumer prices rose by 3.0% in November 2019 over the same month a year earlier, slightly smaller than the corresponding increase (3.1%) in October 2019. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2019 was 2.9%, smaller than that in October 2019 (3.1%). The smaller increase in November was mainly due to the decreases in the charges for package tours as well as inbound and outbound transport fares.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending November 2019 was 0.1%, and that for the three-month period ending October 2019 was 0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2% respectively.  

A Government spokesman said that the underlying consumer price inflation rate eased further to 2.9% in November. Price pressures on many major CPI components abated somewhat, though food inflation remained visible due to elevated pork prices.

Looking ahead, overall inflation pressures will likely be contained in the near term by mild imported inflation and easing local cost pressures amid sub-par economic conditions. The Government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.