Consumer Price Indices for November 2024

     The Census and Statistics Department (C&SD) released today (December 20) the Consumer Price Index (CPI) figures for November 2024. According to the Composite CPI, overall consumer prices rose by 1.4% in November 2024 over the same month a year earlier, the same as that in October 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 November 2024 was 1.2%, also the same as that in October 2024.    

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2024 was 0.1%, the same as that for the 3-month period ending October 2024. 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 1.7%, 1.3% and 1.1% respectively in November 2024, as compared to 1.6%, 1.3% and 1.2% respectively in October 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 1.6%, 1.1% and 1.0% respectively in November 2024, as compared to 1.5%, 1.1% and 1.1% respectively in October 2024.   

     On a seasonally adjusted basis, for the 3-month period ending November 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were all 0.1%, the same as those for the 3-month period ending October 2024. 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 November 2024 were 0.2%, 0.1% and 0.1% respectively, the same as those for the 3-month period ending October 2024.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2024 for alcoholic drinks and tobacco (21.2%), electricity, gas and water (9.8%), miscellaneous services (2.0%), meals out and takeaway food (1.7%), transport (1.3%), housing (0.9%), and miscellaneous goods (0.8%).   

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2024 for clothing and footwear (-2.4%), durable goods (-0.3%), and basic food (-0.3%).   

     Taking the first 11 months of 2024 together, the Composite CPI rose by 1.8% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.6% and 1.5% 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 3 months ending November 2024, the Composite CPI rose by 1.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.0%, 1.5% and 1.3% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.3%, 1.0% and 1.0% respectively.   

     For the 12 months ending November 2024, the Composite CPI was on average 1.8% higher than that in the preceding 12-month period. 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 1.1%, 1.0%, 1.1% and 1.2% respectively. 

Commentary

     A Government spokesman said that underlying consumer price inflation stayed modest in November. Food prices as a whole showed further mild year-on-year increases. Meanwhile, the decline in prices of energy-related items continued to narrow alongside the dissipation of high base of comparison. Price pressures on other major components remained broadly in check.

     Looking ahead, overall inflation should stay mild in the near term. Domestic cost could see some mild upward pressures, as the Hong Kong economy continues to grow. External price pressures should ease in broad terms, though uncertainties from the external environment increased. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for November 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).