21st November 2023 – (Hong Kong)The Census and Statistics Department (C&SD) of Hong Kong has released the latest Consumer Price Index (CPI) figures for October 2023. According to the Composite CPI, consumer prices in Hong Kong increased by 2.7% in October 2023 compared to the same month the previous year. This rise was larger than the 2.0% increase recorded in September 2023. The higher increase in October was primarily attributed to the conclusion of rates concessions and the one-year waiver of extra public housing rent, both of which occurred in September 2023. However, when excluding the impact of government relief measures, the underlying inflation rate, as indicated by the year-on-year increase in the Composite CPI, was 1.7% in October 2023, slightly lower than the 1.8% rate in September 2023.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending October 2023 was 0.5%, compared to 0.2% for the three-month period ending September 2023. After accounting for the effects of government relief measures, the corresponding rates of increase were both 0.1% for both periods.
Analyzing the sub-indices, the year-on-year rates of increase in the CPI(A), CPI(B), and CPI(C) for October 2023 were 3.2%, 2.5%, and 2.4%, respectively, compared to 2.1%, 2.0%, and 2.1% in September 2023. Excluding the impact of government relief measures, the year-on-year rates of increase in the CPI(A), CPI(B), and CPI(C) for October 2023 were 1.7%, 1.7%, and 1.9%, respectively, compared to 1.8%, 1.7%, and 1.9% in September 2023.
On a seasonally adjusted basis, the average monthly rates of increase in the CPI(A), CPI(B), and CPI(C) for the three-month period ending October 2023 were 0.6%, 0.4%, and 0.4%, respectively. The corresponding rates of increase for the three-month period ending September 2023 were 0.1%, 0.1%, and 0.2%, respectively. Excluding the effects of government relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B), and CPI(C) for the three-month period ending October 2023 were 0.1%, 0.2%, and 0.2%, respectively. The corresponding rates of increase for the three-month period ending September 2023 were 0.1%, 0.1%, and 0.2%, respectively.
Among the various components of the Composite CPI, notable year-on-year increases in prices were observed in October 2023 for alcoholic drinks and tobacco (18.3%), clothing and footwear (6.3%), meals out and takeaway food (3.9%), miscellaneous services (3.3%), housing (2.7%), transport (2.3%), miscellaneous goods (1.9%), basic food (1.4%), and electricity, gas, and water (0.2%). However, there was a year-on-year decrease in the price of durable goods (-1.2%).
Looking at the cumulative figures for the first 10 months of 2023, the Composite CPI rose by 2.0% compared to the same period the previous year. The respective increases in the CPI(A), CPI(B), and CPI(C) were 2.2%, 1.9%, and 2.0%. After excluding the effects of government relief measures, the corresponding increases were 1.8%, 1.8%, 1.6%, and 1.8%, respectively.
For the three-month period ending October 2023, the Composite CPI rose by 2.2% compared to the same period the previous year, while the CPI(A), CPI(B), and CPI(C) rose by 2.4%, 2.1%, and 2.1%, respectively. After excluding the effects of government relief measures, the corresponding increases were 1.6%, 1.7%, 1.6%, and 1.8%, respectively.
Over the 12 months ending October 2023, the Composite CPI on average was 2.0% higher than the preceding 12-month period. The respective increases in the CPI(A), CPI(B), and CPI(C) were 2.1%, 1.9%, and 2.0%. After excluding the effects of government relief measures, the corresponding increases were 1.8%, 1.8%, 1.7%, and 1.8%, respectively.
A Government spokesperson noted that theConsumer Price Index (CPI) figures for October 2023 were released today by the Census and Statistics Department (C&SD) in Hong Kong. The data reveals that consumer prices experienced a 2.7% increase in October 2023 compared to the same month the previous year, surpassing the 2.0% rise recorded in September 2023. The upward trend in October was primarily driven by the conclusion of rates concession and the expiration of the one-year waiver on additional public housing rent, both of which occurred in September 2023. However, after excluding the impact of one-off relief measures implemented by the government, the underlying inflation rate, represented by the year-on-year increase in the Composite CPI, stood at 1.7% for October 2023, slightly lower than the 1.8% rate observed in September 2023.