Inflation up 2.3% YoY in March: C&SD

This is attributed to the rents paid and waived by the government.

Overall consumer prices rose by 2.3% YoY in March, compared to the 2.2% in February and an average rate of 1.8% increase in January and February, according to figures from the Census and Statistics Department (C&SD).

This is attributed to the government's payment of public housing rentals and waiver of two-thirds of rent for tenants of group B estates by Hong Kong Housing Society in January.

Netting out the effects of all Government's one-off relief measures, the rate of increase in the composite consumer price index was also 2.6% YoY smaller in March than that of 2.5% in February and average of 3.1% in January and February, due to the smaller increases in the prices of pork.

Furthermore, the average monthly rate of change in the composite CPI in Q1 and three-month period ending February, stayed flat. Netting out the effects of all government's one-off relief measures, the corresponding rates of increase were both 0.1%.

Amongst the components of the composite CPI, YoY increases in prices were recorded in March for food with 13%, miscellaneous goods with 3.5%, housing with 2.6%, meals bought away from home with 1.6%, transport with 1.1%, and miscellaneous services with 1.1%.

On the other hand, YoY decline in prices were recorded in the same period for electricity, gas and water (-16.1%), clothing and footwear (-4%), durable goods (-2.4%), and alcoholic drinks and tobacco (-0.6%).