Hong Kong consumer prices rose by 1.4% in October, easing from 2.2% in September and marking the lowest rate since May, according to data from the city's census and statistics department.
The slowdown was attributed to the fading impact of government relief efforts, particularly rate concessions and waiver of extra public housing rent, implemented in the third quarter of 2023.
Excluding the city's relief measures, the underlying inflation rate was 1.2% in October, up from 0.9% in the prior month. The increase was mainly due to rising public housing rentals.
A government spokesperson said underlying consumer price inflation stayed modest in October.
"Food prices continued to record mild year-on-year increases, while the rate of decline of prices of energy-related items narrowed further. Price pressures on other major components remained broadly in check," the spokesperson said in a Thursday news release.
Looking ahead, Hong Kong expects overall inflation to stay mild in the near term. At the same time, domestic costs may increase slightly as the local economy grows.
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