China News Service, Hong Kong, January 22 (Xinhua) The Census and Statistics Department of the Hong Kong SAR Government announced on the 22nd that Hong Kong's overall consumer price index increased by 2.4% year-on-year in December 2023, which was lower than the corresponding increase of 2.6% in the previous month.
Excluding the impact of all government one-time relief measures, the year-on-year increase in the Composite Consumer Price Index (i.e. the underlying inflation rate) in December was 1.4%, which was also lower than the 1.6% increase in the previous month.
The comprehensive consumer price index for 2023 increased by 2.1% year-on-year.
The Census and Statistics Department of the SAR Government stated that the year-on-year increase in the consumer price index in December narrowed mainly due to the fall in the price of fresh vegetables and the expansion of the decline in electricity costs.
Among the various components of the Composite Consumer Price Index, the categories that recorded year-on-year price increases in December were tobacco and alcohol (up 19.2%), clothing and footwear (up 4.0%), dining out and takeout (up 3.6%), miscellaneous services (up 3.2%), transportation Prices increased by 2.9%, housing by 2.8%, miscellaneous items by 2.2%, and basic food products by 0.1%.
On the other hand, the categories in which the Composite Consumer Price Index recorded year-on-year decreases in December were electricity, gas and water, which fell by 4.8%, and durable goods, which fell by 1.0%.
A spokesman for the SAR government said that the underlying consumer price inflation rate remained moderate in December last year.
Prices for dining out and takeout, as well as clothing and footwear, continued to increase significantly year-on-year.
Price pressures on other major components remained largely under control.
For the whole of last year, the underlying consumer price inflation rate averaged 1.7%.
Looking ahead, overall inflation should remain benign in the short term.
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