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Friday, May 27, 2022

Overall consumer prices rise by 1.4pc in September

Overall consumer prices rise by 1.4pc in September

The overall consumer prices rose by 1.4 percent in September over the same month a year earlier, smaller than the 1.6 percent increase recorded in August, according to latest statistics.
According to the data released by the Census and Statistics Department on Friday, after netting out the effects of all government relief measures, the year-on-year rate of increase in the underlying inflation rate in September was one percent.

It marked a decrease by 0.2 percent reported in August.

It is because of the dissipation of the effect of upward adjustment in public housing rentals in September 2020, as well as the smaller increases in the costs for meals out and takeaway food, the government said.

The year-on-year increases in prices in September were 23.6 percent for electricity, gas and water, 8.7 percent for clothing and footwear, 5.4 percent for meals out and takeaway food and 2.2 percent for durable goods.

“While overall inflationary pressures will likely increase in the near term alongside the continued economic recovery and rising import prices, the underlying inflation should remain largely moderate in the rest of the year as the local economy is still operating below capacity,” a government spokesperson said.

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