Nov sees 0.2% deflation

2020-12-28 08:34:27

Overall consumer prices in November fell 0.2% year-on-year, the same as the decrease in October, the Census & Statistics Department announced today.

Netting out the effects of all the Government's one-off relief measures, the year-on-year rate of increase in November's underlying inflation rate was 0.3%, marginally smaller than October's 0.4%.

The department said the smaller increase in November was mainly due to the decreases in private housing rentals and the smaller increases in the prices of fresh vegetables.

November saw year-on-year price drops for electricity, gas and water, clothing and footwear, durable goods and transport.

Prices for food (excluding meals bought away from home), alcoholic drinks and tobacco, miscellaneous goods, meals bought away from home, housing and miscellaneous services went up.

The Government said private housing rentals turned to a modest year-on-year decline, while price pressures on other major Consumer Price Index components remained mild amid subdued economic conditions.

Looking ahead, overall inflationary pressures are likely to stay very mild in the near term as global and local economic conditions remain clouded by the threat of COVID-19.

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