Inflation jumps to 13-month high
Consumer prices in Hong Kong rose by 2.7 percent in October over the same period last year, reaching a 13-month high, official figures showed on Tuesday. This compares with a 2 percent increase in September and 1.8 percent increase in August.  The government said October's larger increase was mainly due to the end of the rates concession and the one-year waiver of the extra public housing rent payable. It said that underlying inflation, which nets out the effects of all the government’s one-off relief measures, remained moderate at 1.7 percent year-on-year, compared with the 1.8 percent annual increase seen in September. Prices of alcoholic drinks and tobacco saw the biggest increases in October, advancing 18.3 percent year-on-year, while clothing and footwear prices rose 6.3 percent. The cost of meals out and takeaway food also rose notably, by 3.9 percent, the Census and Statistics Department said.  Prices of durable goods declined by 1.2 percent, while those of electricity, gas and water remained steady, rising by just 0.2 percent. Taking the first 10 months of 2023 together, the overall inflation rose by 2 percent over a year earlier. The government said it expects overall inflation to stay moderate in the short term. "External price pressures are expected to soften further. While domestic business cost might face some upward pressures as the economy continues to revive, it should remain contained in the near term," it said in a statement.