In December, the overall consumer price index in Hong Kong rose by 1.4% compared to the same period last year.

The Hong Kong Census and Statistics Department today released the Consumer Price Index for December 2024. According to the Composite Consumer Price Index, the overall consumer prices in Hong Kong for December 2024 increased by 1.4% compared to the same month a year ago, which is the same as the corresponding increase in November 2024. Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite Consumer Price Index for December 2024 (i.e., the basic inflation rate) was 1.3%, slightly higher than 1.2% in November 2024. The seasonally adjusted Composite Consumer Price Index showed an average monthly increase of 0.1% for the three-month period ending December 2024, which is the same as the corresponding increase for the three months ending in November 2024. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 0.2% and 0.1%. In terms of the detailed index analysis, the Class A, Class B, and Class C Consumer Price Indexes had year-on-year increases of 1.7%, 1.4%, and 1.2% respectively in December 2024, compared to 1.7%, 1.3%, and 1.1% respectively in November 2024. Excluding the impact of all one-off relief measures by the government, the year-on-year increases for Class A, B, and C Consumer Price Indexes in December 2024 were 1.6%, 1.2%, and 1.1% respectively, while in November 2024, the increases were 1.6%, 1.1%, and 1.0%. The seasonally adjusted Class A, B, and C Consumer Price Indexes showed an average monthly increase of 0.1% for the three months ending December 2024, which is the same as the corresponding increase for the three months ending in November 2024. Excluding the impact of all one-off relief measures by the government, the average monthly increases for the seasonally adjusted Class A, B, and C Consumer Price Indexes for the three months ending December 2024 were 0.3%, 0.1%, and 0.1%, while the corresponding increases for the three months ending November 2024 were 0.2%, 0.1%, and 0.1%. In terms of the various components of the Composite Consumer Price Index, the categories that recorded year-on-year increases in prices in December 2024 were tobacco and alcohol (up 21.2%), electricity, gas, and water (up 11.4%), miscellaneous services (up 2.1%), transport (up 2.1%), dining out and takeaways (up 1.8%), miscellaneous items (up 1.4%), and housing (up 1.0%). On the other hand, the categories that recorded year-on-year decreases in prices in December 2024 were clothing and footwear (down 3.2%), durable goods (down 1.6%), and basic food items (down 0.6%). In the fourth quarter of 2024, the Composite Consumer Price Index increased by 1.4% compared to the same period a year ago, while the Class A, B, and C Consumer Price Indexes increased by 1.7%, 1.3%, and 1.2% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.2%, 1.5%, 1.1%, and 1.0%. For the full year 2024, the Composite Consumer Price Index increased by 1.7% compared to the same period a year ago, with the corresponding increases for the Class A, B, and C Consumer Price Indexes at 2.1%, 1.6%, and 1.5% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.1%, 1.0%, 1.1%, and 1.2%. Commentary A spokesperson for the Hong Kong government stated that the basic consumer price inflation for December 2024 remained at a mild level. Overall, food prices continued to increase slightly year-on-year. At the same time, prices of energy-related items turned to a slight increase due in part to a low base effect. The price pressure faced by other major components remains generally under control. The average basic consumer price inflation rate for the whole of 2024 was 1.1%. Looking ahead, inflation is expected to remain moderate in the short term. As the Hong Kong economy continues to grow, local costs may face some upward pressure. External price pressures should remain manageable, although uncertainties originating from the external environment will be monitored closely. The government will continue to keep a close eye on the situation.