Hong Kong Economic and Trade Office, USA
Hong Kong
News Release



Consumer Price Indices for September 2019




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Melissa Ng in New York City: (212) 752 3320
Daniel McAtee in Washington, D.C.: (202) 238 6360
Wing Yan Tong in San Francisco: (415) 835 9315

 




October 22, 2019 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for September 2019.

According to the Composite CPI, overall consumer prices rose by 3.2% in September 2019 over the same month a year earlier, smaller than the corresponding increase (3.5%) in August 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 September 2019 was also 3.2%, smaller than that in August 2019 (3.4%). The smaller increase in September was mainly due to dissipation of the effect of upward adjustment in public housing rentals in September 2018 and decreases in prices of fresh vegetables.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending September 2019 was 0.2%, and that for the three-month period ending August 2019 was 0.4%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.2% and 0.4%.

A Government spokesman said that the underlying consumer price inflation rate went down slightly to 3.2% in September, as the effect of upward adjustment in public housing rentals in the same month last year began to dissipate. While food inflation remained elevated due to high pork prices, price pressures on other major CPI components stayed largely moderate.

Looking ahead, overall price pressures should remain contained along with subdued local economic conditions and further easing of imported inflation. Yet, the inflation rate may stay somewhat elevated in the near term given the supply situation of fresh pork. The Government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.


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