Inflation at 2.6% in November

December 21, 2023

Consumer prices increased 2.6% year-on-year in November, a slightly smaller decline than that registered in October, the Census & Statistics Department announced today.


Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 1.6%, also slightly lower than that seen in October.


Compared with November last year, price increases were recorded in the following categories: alcoholic drinks and tobacco; clothing and footwear; meals out and takeaway food; miscellaneous services; housing; miscellaneous goods; transport; and basic food.


By contrast, year-on-year price decreases for electricity, gas and water, and durable goods were recorded.


The Government said underlying consumer price inflation remained moderate in November.


It noted that prices for meals out and takeaway food, and for clothing and footwear, had continued to rise noticeably on those of a year earlier, while price pressures on other major components remained broadly in check.


Looking ahead, the Government said overall inflation might stay moderate in the near term and that external price pressures are expected to soften further. It added that domestic business costs could face upward pressures as the economy continues to recover.

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