September 2024 Consumer Prices Rise 2.2%, Underlying Inflation Rate Drops to 0.9% in Hong Kong

Consumer Price Indices for September 2024

The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2024. According to the Composite CPI, overall consumer prices rose by 2.2% in September 2024 over the same month a year earlier, smaller than the corresponding increase (2.5%) in August 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in September 2024 was 0.9%, also smaller than that in August 2024 (1.2%). The smaller increases were mainly due to the higher base of comparison resulting from the significant increases in food prices in September 2023.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending September 2024 was 0.4%, and that for the 3-month period ending August 2024 was 0.6%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.0% and 1.6% respectively in September 2024, as compared to 3.2%, 2.2% and 1.9% respectively in August 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 0.9% and 1.0% respectively in September 2024, as compared to 1.1%, 1.2% and 1.3% respectively in August 2024.

On a seasonally adjusted basis, for the 3-month period ending September 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.5%, 0.4% and 0.3% respectively. The corresponding rates of increase for the 3-month period ending August 2024 were 0.8%, 0.5% and 0.4% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending September 2024 were all 0.1%, and the corresponding rates of increase for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in September 2024 for alcoholic drinks and tobacco (21.4%), electricity, gas and water (6.5%), housing (3.3%), miscellaneous services (2.0%), meals out and takeaway food (1.8%), miscellaneous goods (1.2%), and transport (1.0%).

On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in September 2024 for clothing and footwear (-1.6%), basic food (-0.4%), and durable goods (-0.4%).

Taking the first 9 months of 2024 together, the Composite CPI rose by 1.9% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.1% and 1.2% respectively.

In the third quarter of 2024, the Composite CPI rose by 2.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.1%, 2.1% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.2% respectively.

For the 12 months ending September 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.0%, 1.2% and 1.4% respectively.

Commentary

A Government spokesman said that underlying consumer price inflation remained modest in September. The year-on-year increase in food price eased, while prices of energy-related items declined at a narrowed rate. Price pressures on other major components remained broadly in check.

Looking ahead, overall inflation should stay mild in the near term. The continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic cost. Meanwhile, external price pressures should ease further, though uncertainties in the external environment remain. The Government will continue to monitor the situation.

Further information

The CPIs and year-on-year rates of change at section level for September 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

Notice on appointments to advisory and statutory bodies

A Government spokesman said today (January 12) that Mr Chan Kin-por recently sought approval from the Chief Executive to suspend his three public positions as appointed by the Chief Executive, until the completion of the work of the Independent Committee in relation to the fire at Wang Fuk Court in Tai Po (Independent Committee). Mr Chan made this request to allow himself more time to dedicate to the work of the Independent Committee. After due consideration, the Chief Executive has agreed to and approved this request. The three public positions are: (1) Chairman of Independent Commission Against Corruption Advisory Committee on Corruption; (2) Non-executive Director of Urban Renewal Authority Board; and (3) Member of Honours and Non-official Justices of the Peace Selection Committee.

On December 12, 2025, the Government established the Independent Committee to examine the causes of the incident and related issues, ascertain the facts, and make recommendations on preventing similar tragedies and on improvement measures. The Independent Committee is chaired by Mr Justice David Lok, with Mr Chan Kin-por and Dr Rex Auyeung Pak-kuen serving as members. The Independent Committee held its first meeting on December 19 last year and aims to complete its work within nine months of commencing operations.

Mr Chan Kin-por wrote earlier to the Chief Executive, expressing his wish to suspend the aforementioned three public positions until the Independent Committee completes its work, in order to dedicate more time and focus to the Independent Committee's tasks. The Chief Executive has agreed to and approved the request.

A Government spokesperson said that since the fire at Wang Fuk Court in Tai Po, both the Government and the wider community have been highly concerned about the causes of the incident and the follow-up work. The scope of the Independent Committee's work is extensive, particularly concerning systemic issues related to bid-rigging and connected interests. Given the numerous issues involved and their complex nature, the Government will fully co-operate with the Independent Committee to ensure that it can complete its work and compile its report within nine months. The Government extends its gratitude to Mr Chan for accepting the appointment as a member of the Independent Committee and for his professional and conscientious approach to the Committee's work. When the Independent Committee's work is completed, the Government looks forward to Mr Chan's continuous contribution through his aforementioned public positions.

Source: AI-found images