2023.03.2310:51:00UTC+00Hong Kong Inflation Eases To 1.7%, Lowest In 9 Months

Hong Kong's consumer price inflation eased in February to the lowest level in nine months, largely due to a slowdown in food prices, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.7 percent year-over-year in February, slower than previous month's 4-month high of 2.4 percent rise.

Further, this was the weakest inflation since May 2022, when prices had risen 1.2 percent.

Food price inflation moderated to 2.4 percent in February from 5.0 percent in January. Prices for utilities grew the most, by 20.7 percent annually in February. Clothing and footwear costs rose 5.5 percent, while transport costs rose only by 0.4 percent.

Netting out the effects of all the government's one-off relief measures, the underlying inflation also eased to 1.7 percent from 2.4 percent.

The smaller increase was mainly due to the high base of comparison caused by the increases in the prices of basic food in February 2022, the agency said.

The average monthly rate of increase for the 3-month period ending February was 0.2 percent.

"Looking ahead, overall inflation could face some upward pressure, but should remain moderate in the near term," a government spokesman said.