Hong Kong: Inflation inches up in September
October 21, 2013
Annual inflation inched up from 4.5% in August to 4.6% in September. The print overshot market expectations of 4.4%. According to the Census and Statistics Department, the print was mainly driven by higher prices for fresh vegetables, as well as for electricity, gas and water. Annual average inflation increased slightly from 4.1% in August to 4.2% in September. A government spokesman stated that, "subdued imported inflation and the moderated increases in fresh-letting residential rentals since early 2013 should help to contain the upside risks to inflation in the near term." The government revised its inflation projection for this year and now expects inflation to average 4.3%. FocusEconomics Consensus Forecast panelists expect inflation to average 4.1% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects annual average inflation to moderate to 3.6%, which is unchanged from last month's estimate.