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HK Sep CPI Fall Deepens to 2.2% YoY; Underlying Inflation Picks Up to 0.5%
The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2020. According to the Composite CPI, overall consu...
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HK Sep CPI Fall Deepens to 2.2% YoY; Underlying Inflation Picks Up to 0.5%
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2020/10/22 16:40
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The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2020. According to the Composite CPI, overall consumer prices fell by 2.2% in September 2020 over the same month a year earlier. The decrease was larger than the corresponding decrease (-0.4%) in August 2020, mainly due to the waiver of public housing rentals by Hong Kong Housing Authority in September 2020. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in September 2020 was 0.5%, larger than that in August 2020 (0.1%). The larger increase in September was mainly due to the increases in the costs for meals bought away from home and the upward adjustment in public housing rentals.

A Government spokesman said that the enlarged year-on-year decline in headline consumer prices in September mainly reflected the waiver of public housing rentals for that month by the Hong Kong Housing Authority. Netting out the effects of the Government's one-off relief measures, the underlying consumer price inflation rate rose back to 0.5% in September. Prices of meals bought away from home resumed a year-on-year increase as the local epidemic situation stabilised in the month. Meanwhile, price pressures on other major CPI components remained tame.
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