October inflation up 2.7%

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Overall consumer prices rose 2.7% year-on-year in October, the Census & Statistics Department said today.

Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 3%, compared to 3.1% in September.

Year-on-year price increases were recorded in October for electricity, gas and water, food, alcoholic drinks and tobacco, housing, meals bought away from home, miscellaneous services, clothing and footwear, transport and miscellaneous goods.

A year-on-year decrease in prices was recorded for durable goods.

The department said the underlying inflation rate went down marginally to 3% in October, as fresh vegetable prices and charges for package tours recorded less rapid increases.

The inflation rate may still be subject to some mild upward pressure in the coming months, due to rising local costs and continued feed-through of the earlier rises in fresh-letting residential rentals.

The Government will monitor the situation closely, particularly the impact on lower-income people, it added.

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