Thu. Mar 4th, 2021

Overall consumer prices in January rose 1.9% year-on-year, after a decrease of 0.7% in December, the Census & Statistics Department announced today.

Netting out the effects of all the Government’s one-off relief measures, the year-on-year rate of change in January’s underlying inflation rate was -0.5%, smaller than December’s 0%.

The department said it was distorted by the fall in food prices against a high base of comparison last year due to the earlier arrival of the Lunar New Year.

It added that it would be more meaningful to examine the figures for January and February combined, when available, to assess the underlying inflation situation. 

January saw year-on-year price drops for transport, clothing and footwear, durable goods, meals bought away from home, food and miscellaneous services.

Prices for electricity, gas and water, housing, alcoholic drinks and tobacco as well as miscellaneous goods went up.

Looking ahead, price pressures from both external and domestic fronts should remain mild in the near term as global and local economic activities have yet to return to the pre-recession levels.

By Bureau