The annual inflation rate in Hong Kong rose to 2.7% in October 2023, accelerating from 2.0% in the previous month and came in more than market expectations of 2.1%. It was the highest reading since September 2022, due to a faster increase in prices for housing (2.7% vs 0.9% in September) and miscellaneous services (3.3% vs 2.7%). In contrast, inflation mainly slowed for electricity, gas & water (0.2% vs 2.9%), and miscellaneous goods (1.9% vs 2.5%), while it was unchanged for food (3.0%). At the same time, the underlying inflation rate edged down to 1.7% from a prior 1.8%. On a monthly basis, the CPI advanced 1.0%, marking the largest rise since October 2021 and up from a 0.4% growth in September. source: Census and Statistics Department, Hong Kong
Inflation Rate in Hong Kong increased to 2.70 percent in October from 2 percent in September of 2023. Inflation Rate in Hong Kong averaged 4.04 percent from 1981 until 2023, reaching an all time high of 16.00 percent in October of 1981 and a record low of -6.10 percent in August of 1999. This page provides the latest reported value for - Hong Kong Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hong Kong Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2023.
Inflation Rate in Hong Kong increased to 2.70 percent in October from 2 percent in September of 2023. Inflation Rate in Hong Kong is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Inflation Rate is projected to trend around 2.20 percent in 2024 and 2.10 percent in 2025, according to our econometric models.
Hong Kong Inflation Rate
In Hong Kong, the composite consumer price index is based on a monthly survey conducted throughout the territory. The indicator consists of 980 consumer goods and services classified into 9 major groups. Housing accounts for 40.3 percent of total weight, Food for 27.4 percent and Miscellaneous Services such as education, communications, information and medical care for 13.1 percent. Transport constitutes 6.2 percent of total index; Durable Goods for 4 percent; Miscellaneous Goods for 3.3 percent and Clothing and Footwear for 2.4 percent. Electricity, Gas and Water account for 2.8 percent and Alcoholic Drinks and Tobacco for the remaining 0.5 percent.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 2.70 | 2.00 | 16.00 | -6.10 | 1981 - 2023 | percent | Monthly | 2019/2020=100 |
News Stream
Hong Kong Inflation Rate Accelerates to 1-Year High
The annual inflation rate in Hong Kong rose to 2.7% in October 2023, accelerating from 2.0% in the previous month and came in more than market expectations of 2.1%. It was the highest reading since September 2022, due to a faster increase in prices for housing (2.7% vs 0.9% in September) and miscellaneous services (3.3% vs 2.7%). In contrast, inflation mainly slowed for electricity, gas & water (0.2% vs 2.9%), and miscellaneous goods (1.9% vs 2.5%), while it was unchanged for food (3.0%). At the same time, the underlying inflation rate edged down to 1.7% from a prior 1.8%. On a monthly basis, the CPI advanced 1.0%, marking the largest rise since October 2021 and up from a 0.4% growth in September.
2023-11-21
Hong Kong Inflation Rate Edges Up to 2%
The annual inflation rate in Hong Kong edged up to 2% in September 2023 from 1.8% in the previous two months, and slightly higher than market forecasts of 1.8%. Prices rose for food (3% vs 2.2% in August), miscellaneous services (2.7% vs 2.4%), miscellaneous goods (2.5% vs 2.2%), transport (2.4% vs 1.5%) and housing (0.9% vs 0.8%). Conversely, slower price increases were seen in electricity, gas & water (2.9% vs 5.7%), clothing & footwear (6.5% vs 6.6%) and alcoholic drinks & tobacco (18.9% vs 19.6%), while costs for durable goods decreased (-1.8% vs -2.5%). Additionally, the underlying inflation rate inched up to 1.8% from a prior 1.5%. On a monthly basis, the CPI advanced by 0.4% in September after showing no growth in the previous two months.
2023-10-20
Hong Kong Inflation Rate Remains at 1.8%
The annual inflation rate in Hong Kong stood at 1.8% in August 2023, remaining at its lowest level in four months and less than market expectations of 2%. Prices slowed for electricity & utilities (5.7% vs 9.9% in July), and transport (1.5% vs 2.1%), while costs continued to decline for durable goods (-2.5% vs -3.3%). On the other hand, inflation edged up for food (2.2% vs 2.1%), housing (0.8% vs 0.7%), and miscellaneous goods (2.2% vs 2%). Meanwhile, the underlying inflation ticked down to 1.5% from a prior 1.6%. On a monthly basis, the CPI stalled again, after showing no growth in July.
2023-09-21
As an expert in economic analysis and data interpretation, I bring a wealth of knowledge in understanding and deciphering key economic indicators. My expertise is grounded in a robust understanding of macroeconomic principles, statistical methodologies, and a comprehensive grasp of global economic trends up to my last knowledge update in January 2022.
Now, delving into the provided information regarding the Hong Kong inflation rate, I will break down the concepts and shed light on the intricacies of the data:
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Inflation Rate Trends:
- The annual inflation rate in Hong Kong rose to 2.7% in October 2023, up from 2.0% in September. This exceeded market expectations of 2.1% and marked the highest reading since September 2022.
- The long-term projections suggest a trend around 2.20% in 2024 and 2.10% in 2025, according to econometric models.
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Components of Inflation:
- The composite Consumer Price Index (CPI) in Hong Kong is based on a monthly survey covering 980 consumer goods and services classified into 9 major groups.
- Housing carries the most significant weight, accounting for 40.3% of the total index, followed by Food at 27.4%, and Miscellaneous Services at 13.1%.
- Notable changes in inflation rates were observed in various sectors, such as housing (2.7% vs 0.9% in September), miscellaneous services (3.3% vs 2.7%), electricity, gas & water (0.2% vs 2.9%), and miscellaneous goods (1.9% vs 2.5%). Food inflation remained unchanged at 3.0%.
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Underlying Inflation Rate:
- The underlying inflation rate, representing a more stable measure, edged down to 1.7% from a prior 1.8%. This suggests that while overall inflation increased, the core components saw a slight slowdown.
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Monthly Basis Changes:
- On a monthly basis, the CPI advanced by 1.0% in October, marking the largest rise since October 2021, compared to a 0.4% growth in September.
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Historical Context:
- Historical data indicates that Hong Kong's inflation rate has averaged 4.04% from 1981 until 2023, with the highest recorded at 16.00% in October of 1981 and the lowest at -6.10% in August of 1999.
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Market Expectations:
- According to Trading Economics global macro models and analysts' expectations, Hong Kong's inflation rate is expected to be 3.00% by the end of the current quarter.
In conclusion, the provided information outlines the recent dynamics of Hong Kong's inflation rate, highlighting shifts in various sectors and the overall economic outlook. The data allows for a nuanced understanding of the factors influencing inflation, aiding in making informed economic analyses and predictions.
