Inflation eases to 2.4 percent in December
Inflation eased slightly last month, mainly thanks to falling vegetable prices and electricity charges, the government said on Monday.  Data released by the Census and Statistics Department showed Hong Kong's overall inflation rate, or the composite consumer price index, rose by 2.4 percent year on year in December, compared with a 2.6 percent increase the month before. Netting out the government’s one-off relief measures, underlying inflation rose 1.4 percent last month, compared with the 1.6 percent seen in November.  Prices of electricity, gas, and water dropped by nearly 5 percent year on year in December.  Prices of alcoholic drinks and tobacco, however, remained high, surging over 19 percent from a year earlier, while those of meals out and takeaway food rose 3.6 percent. For the whole of 2023, the overall inflation rate was 2.1 percent, while the underlying inflation rate stood at 1.7 percent. A government spokesperson said the latest figures show the city’s inflation is broadly in check. "Looking ahead, overall inflation should stay moderate in the near term. External price pressures should continue to recede. Meanwhile, domestic business cost might face some upward pressures as the economy continues to revive," a statement said.