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



Consumer Price Indices for October 2020

 



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November 20, 2020 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for October 2020. According to the Composite CPI, overall consumer prices fell marginally by 0.2% in October 2020 over the same month a year earlier. The decrease was smaller than the corresponding decrease (-2.2%) in September 2020 as the effect of the waiver of public housing rentals by Hong Kong Housing Authority in September dissipated in October. 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 October 2020 was 0.4%, marginally smaller than that in September 2020 (0.5%). The smaller increase in September was mainly due to the smaller increases in private housing rentals and charges for household services.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period ending October 2020 was 0.9%, and that for the three-month period ending September 2020 was -0.8%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were 0.3% and 0.0%. 

A Government spokesman said that the underlying consumer price inflation rate edged down to 0.4% in October. The year-on-year increase in private housing rentals continued to ease, while price pressures on many other major CPI components remained modest amid weak economic conditions. However, the year-on-year increase in prices of meals bought away from home accelerated slightly as the local epidemic situation remained stable.

Looking ahead, overall inflationary pressures should stay tame in the near term as the evolving COVID-19 pandemic still weighs on the global and local economic conditions. The Government will continue to monitor the situation closely.


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