Hong Kong: Inflation edges down in November
December 20, 2019
Inflation ticked down to 3.0% in November from 3.1% in October. When accounting for the effects of one-off government relief measures, inflation inched down to 2.9% in November from 3.1% the month prior. The headline print was primarily driven by sharp price decreases for utilities, and clothing and footwear. That said, higher food and transport costs continued to add upward pressures on prices.
For the September-November period, the average of the month-on-month seasonally-adjusted variation in consumer prices was 0.1%, down from the 0.2% rise in the previous three-month period ending in October.
Commenting on the inflation outlook, a government spokesperson noted, “Overall inflation pressures will likely be contained in the near term by mild imported inflation and easing local cost pressures amid sub-par economic conditions.”
Author: Steven Burke, Economist