Inflation up 2.7% in October

Composite CPI increased by 1.7% YoY.

According to the Composite CPI released by C&SD, overall consumer prices rose by 2.7% in October 2023 over the same month a year earlier, larger than the 2% in September 2023. 

This was due to the end of the rates concession and the one-year waiver of the extra public housing rent payable both in September 2023. 

YoY rate increase in Composite CPI in October 2023 was 1.7%, lower than the 1.8% in September 2023.

YoY increases in prices were recorded in October 2023 for alcoholic drinks and tobacco (18.3%), clothing and footwear (6.3%), meals out and takeaway food (3.9%), miscellaneous services (3.3%), housing (2.7%), transport (2.3%), miscellaneous goods (1.9%), basic food (1.4%), and electricity, gas and water (0.2%). Meanwhile, durable goods saw a 1.2% decrease YoY.