Consumer prices increase 1.7% YoY in January

Compared to December 2022, the increase in inflation was more moderate. 

The Census and Statistics Department (C&SD) revealed that consumer prices rose by 1.7% year-on-year (YoY) in January, a slight moderation from December 2023 growth.

After factoring out the impact of the government's one-off relief measures, the underlying inflation rate stood at 0.8%, also lower than December 2023’s record.

C&SD attributed the moderation to the timing of the Lunar New Year last year, which particularly affected food prices. 

Compared with January 2022, Hong Kong observed price hikes in categories such as alcoholic drinks and tobacco, clothing and footwear, meals out and takeaway food, housing, miscellaneous services, miscellaneous goods, and transport. 

Meanwhile,  electricity, gas, water, basic food, and durable goods recorded YoY price decreases.

The government anticipates moderate inflation in the near term, with potential upward pressures on domestic costs due to economic growth.