Inflation in Hong Kong continued to decelerate in October, reaching its lowest point in five months, according to data from the Census and Statistics Department released on Thursday.
The Consumer Price Index (CPI) recorded a year-over-year increase of 1.4% in October, a decline from the 2.2% rise observed in September. This marks the most subdued inflation rate since May, when prices had risen by 1.2%.
Housing costs saw a moderation in annual price growth, increasing by 1.0% compared to a previously higher rate of 3.3%. Meanwhile, food price inflation experienced a slight slowdown, showing a rise of 0.9% compared to 1.0%. In contrast, utility costs escalated sharply, registering growth at a rate of 8.5%.
When excluding the effects of all government one-off relief measures, underlying inflation increased to 1.2%, up from 0.9%.
The average monthly inflation rate for the three-month period ending in October stood at 0.1%.
A government spokesperson commented on future trends, saying, "Looking ahead, overall inflation should remain mild in the near term." While domestic costs may experience slight upward pressures due to the continued growth of Hong Kong's economy, external price pressures are expected to ease further, though uncertainties in the global environment persist.
