November Inflation Up 3%

Overall consumer prices rose 3% year-on-year in November, the Census & Statistics Department announced today.

 

Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 2.9%, compared to 3.1% in October.

     

Year-on-year price increases were recorded for food, miscellaneous goods, housing, meals bought away from home, transport and miscellaneous services.

 

Year-on-year decreases were recorded for electricity, gas and water, clothing and footwear, durable goods as well as alcoholic drinks and tobacco.

 

The Government said the underlying consumer price inflation rate eased further and price pressures on many major Consumer Price Index 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, it added.

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