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MNI BRIEF: Hong Kong's CPI Rises 1.8% In October

MNI (BEIJING)
MNI (Beijing)

Hong Kong’s headline inflation rate increased by 1.8% y/y in October, slowing from the 4.4% y/y spike recorded in September, the Census and Statistics Department (C&SD) said on Monday.

Driving the increase were gas & electricity prices, up 13.4% y/y, and food which gained 3.5% y/y. These gains were partially offset by a 5.2% y/y decline in information and communications services, data on the C&SD website showed.

September's spike in inflation was attributed to housing rental waivers provided in September 2021. (See MNI BRIEF: Hong Kong CPI Hits 4.4% Y/Y In September; Highest Since 2015)

The C&SD said that despite high external prices, CPI should remain at moderate levels due to mild domestic cost pressures. Hong Kong's Q3 growth recorded its biggest fall since Q2 2020. (See MNI BRIEF: Hong Kong's Q3 GDP Slumps 4.5% As Exports Decline).
MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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