2023.12.2108:58:00UTC+00Hong Kong Inflation Eases Slightly To 2.6%

Hong Kong's consumer price inflation eased slightly in November after rising in the previous two months, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 2.6 percent year-over-year in November, following a 13-month high of 2.7 percent in October. Meanwhile, economists had expected inflation to remain stable at 2.7 percent.

Food costs alone grew 2.7 percent annually in November, though slower than the 3.0 percent rise in the prior month.

Clothing and footwear prices climbed 4.7 percent annually versus 6.3 percent in October. Housing costs were 2.8 percent more expensive.

Netting out the effects of all the government's one-off relief measures, underlying inflation also softened somewhat to 1.6 percent from 1.7 percent.

The average monthly rate of increase for the 3-month period ending in November was 0.4 percent.

"Looking ahead, overall inflation should remain moderate in the near term," a government spokesman said.

External price pressures are expected to ease further, while domestic business costs might face some upward pressures as the economy continues to recover, the spokesman added.