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Hong Kong's CPI up 3.8% in Oct

Nov. 23, 2012 (China Knowledge) - Hong Kong's composite consumer price index (CPI) increased 3.8% YoY in October, mainly due to smaller increases in private housing rentals, according to the latest report released by the Census and Statistics Department.

The figure last month remained flat than at September 2012.

Excluding the effects of the government's one-off relief measures, the city's underlying inflation rate decrease to 3.8% in October from 3.9% in September.

Food prices in Hong Kong, which took up one-third of the total CPI, climbed 3.2% last month. The prices of housing, which have one-third weight in the total CPI, rose 5.3% YoY. Meanwhile, there were a YoY increase of 4.9% in the prices of meals bought away from home, 2.3% increase in transport, 3% increase in miscellaneous services, 0.6% increase in the prices of clothing and footwear and 5% increase in the prices of electricity, gas and water.

The prices of durable goods fell 1.8% YoY in October.

In the first ten months of this year, the composite CPI rose by 4.1% over a year earlier.

The Census and Statistics Department earlier expected Hong Kong's CPI will grow 3.7% YoY in 2012, less than a 5.3% growth it realized in 2011.

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