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Hong Kong headline inflation remains unchanged in October, likely to see upward pressure in months ahead

Hong Kong headline inflation remained unchanged in October. The Census and Statistics Department showed that the overall consumer price rose 2.7 percent year-on-year in the month, unchanged from September’s year-on-year print. Stripping the effects of all Government’s one-off relief measures, the year-on-year rate came in at 3 percent, slight deceleration from 3.1 percent. This is mainly because of the smaller rises in the prices of fresh vegetables and the charges for package tours.

On a seasonally adjusted basis, the average month pace of rise in the composite CPI for the three-month period from August to October 2018 was 0.2 percent, the same as that for the three-month period from July to September 2018.

Amongst the various CPI components, year-on-year rises were seen in electricity, gas and water. Increases were also recorded in food, alcoholic drinks and tobacco, housing, meals bought away from home, miscellaneous services, clothing and footwear, transport and miscellaneous goods. On the other hand, prices for durable goods dropped year-on-year in the month.

According to a government spokesman, the inflation rate might still be subject to some mild upward pressure in the months ahead, due to increasing local costs and continued feed-through of the earlier rises in fresh-letting residential rentals.

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