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HK Oct Overall Consumer Prices -0.2% YoY; Underlying Inflation Rate Drops to 0.4%
The Census and Statistics Department announced that overall consumer prices fell marginally by 0.2% (street forecast: -1.6%) in October 2020 over the same month a year earlier. The...
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HK Oct Overall Consumer Prices -0.2% YoY; Underlying Inflation Rate Drops to 0.4%
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2020/11/20 16:34
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The Census and Statistics Department announced that overall consumer prices fell marginally by 0.2% (street forecast: -1.6%) in October 2020 over the same month a year earlier. The decrease was smaller than the corresponding decrease (-2.2%) in September 2020 as the effect of the waiver of public housing rentals by Hong Kong Housing Authority in September dissipated in October.

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 October 2020 was 0.4%, marginally smaller than that in September 2020 (0.5%). The smaller increase in September was mainly due to the smaller increases in private housing rentals and charges for household services.

Looking ahead, overall inflationary pressures should stay tame in the near term as the evolving COVID-19 pandemic still weighs on the global and local economic conditions. The Government will continue to monitor the situation closely.
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