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Sept inflation up 1.4%

Overall consumer prices rose 1.4% in September year-on-year, smaller than the 1.6% growth in August, the Census & Statistics Department announced today.   Netting out the effects of the Government’s one-off relief measures, September’s underlying inflation rate went up 1% compared to a year earlier, also smaller than the 1.2% recorded in August.   Compared with September last year, price increases were seen in electricity, gas and water, clothing and footwear, transport, meals out and takeaway food, durable goods, basic food and miscellaneous services.   On the other hand, year-on-year decreases in miscellaneous goods, housing as well as alcoholic drinks and tobacco were recorded.   The Government noted that the underlying consumer price inflation rate eased to 1% in September as the effect of the upward adjustment in public housing rentals in the same month last year dissipated and the year-on-year increase in prices of meals out and takeaway food narrowed due to the base effect.   Meanwhile, pressures on many other consumer price index components remained modest.   Looking ahead, while overall inflationary pressures will likely increase in the near term alongside the continued economic recovery and rising import prices, the underlying inflation should remain largely moderate in the rest of the year as the local economy is still operating below capacity, it added.
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