Consumer prices jump 2.9% in November

The increase in consumer prices passed the corresponding 2.6% increase in October, according to Census & Statistics Department figures released today.

Hong Kong Informations Services Department said netting out the effects of the Government's one-off relief measures, the year-on-year rate of increase in the composite consumer price index - or underlying inflation rate- in November was 2.6%, larger than 2.3% rise in October, mainly due to enlarged increases in private housing rentals, as well as the price of food, particularly that of salt-water fish.

On a seasonally adjusted basis, the average monthly rate of increase in the composite consumer price index for the September-November period was 1%, compared to 0.8% for August-October.

Netting out the effects of the Government's relief measures, the average monthly rate of increase in the composite Consumer Price Index for September-November was 0.4%, and 0.3% for August-October.

Year-on-year decreases in prices were recorded in November for durable goods. For clothing and footwear, the composite consumer price index rose 1.6% over a year earlier.

Underlying consumer price inflation rose in November, amid a faster increase in food prices and the continued feed-through of the earlier notable rise in private housing rents. The average year-on-year rate of underlying inflation in the first 11 months of the year, 1.6%, is in line with the Government's forecast of 1.7% for the year as a whole.

The department said given the brisk economic activities and the pick-up in import prices, inflationary pressure is likely to edge up further in the near term. Nevertheless, the sustained productivity growth in the economy should continue to provide some cushioning effect.

The Government will monitor inflation closely, especially the impact on lower-income people.