Author Archives: hksar gov

     The Census and Statistics Department (C&SD) released today (January 21) the Consumer Price Index (CPI) figures for December 2024. According to the Composite CPI, overall consumer prices rose by 1.4% in December 2024 over the same month a year earlier, the same as that in November 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 December 2024 was 1.3%, slightly larger than that in November 2024 (1.2%). 

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

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.4% and 1.2% respectively in December 2024, as compared to 1.7%, 1.3% and 1.1% respectively in November 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%, 1.2% and 1.1% respectively in December 2024, as compared to 1.6%, 1.1% and 1.0% respectively in November 2024.   

     On a seasonally adjusted basis, for the 3-month period ending December 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 November 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 December 2024 were 0.3%, 0.1% and 0.1% respectively, and the corresponding rates of increase for the 3-month period ending November 2024 were 0.2%, 0.1% and 0.1% respectively.   

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in December 2024 for alcoholic drinks and tobacco (21.2%), electricity, gas and water (11.4%), miscellaneous services (2.1%), transport (2.1%), meals out and takeaway food (1.8%), miscellaneous goods (1.4%), and housing (1.0%).   

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in December 2024 for clothing and footwear (-3.2%), durable goods (-1.6%), and basic food (-0.6%).   

     In the fourth quarter of 2024, the Composite CPI rose by 1.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.3% and 1.2% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.2%, 1.5%, 1.1% and 1.0% respectively.   

     For 2024 as a whole, the Composite CPI was 1.7% higher than that in the preceding year.  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.   

Commentary

     A Government spokesman said that underlying consumer price inflation remained modest in December 2024. Food prices as a whole continued to show a mild year-on-year increase. Meanwhile, prices of energy-related items turned to slight increases, partly due to a low base of comparison. Price pressures on other major components remained broadly in check. For 2024 as a whole, the underlying consumer price inflation rate averaged 1.1%.

     Looking ahead, overall inflation should remain moderate in the near term. As the Hong Kong economy continues to grow, domestic cost may see some upward pressures. External price pressures should remain contained, though uncertainties from the external environment warrant attention. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for December 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).
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     The Government announced today (January 21) the appointment of two members to the Programme and Development Committee (PDC) through the Member Self-recommendation Scheme for Youth (MSSY) from January 22, 2025, to October 31, 2026.

     The two newly appointed members are Dr Kelvin Chiu Hei-yeung and Ms Lora Chow Hiu-ching. Dr Chiu is currently working as a doctor in the Hospital Authority, and he is also an Honorary Clinical Assistant Professor at the University of Hong Kong. Ms Chow is the Co-founder of the Yale Alumni Chamber Music Society of Hong Kong and the Virtuoso Fiesta. She is also a composer and soprano.

     Established in 2006, the PDC comprises members of different backgrounds with a great wealth of professional expertise and experience in various aspects. It advises the Leisure and Cultural Services Department on programme strategies (including local, Mainland and overseas), plans, resource allocations and support for budding and small-scale performing arts groups.  
      
     The Government regularly recruits young persons aged between 18 and 35 who are eager to serve the community to join the Government’s advisory committees through the MSSY with a view to providing more opportunities for young people to participate in policy discussions.  read more

     The effective exchange rate index for the Hong Kong dollar on Tuesday, January 21, 2025 is 107.3 (down 0.5 against yesterday’s index). read more

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on January 20 to noon today (January 21), the CFS conducted tests on the radiological levels of 138 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24, 2023, to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 111 432 samples of food imported from Japan (including 72 627 samples of aquatic and related products, seaweeds and sea salt) and 25 720 samples of local catch respectively. All the samples passed the tests. read more

The following is issued on behalf of the Hong Kong Monetary Authority:      Exchange Fund Bills tender results:   Tender date : January 21, 2025 Paper on offer : EF Bills … read more