, Hong Kong
Photo by Vernon Raineil Cenzon on Unsplash

Consumer prices rise 1.7% YoY in February

The rate of increase moderated from January.

Consumer price growth eased in February, rising 1.7% YoY. In January, the rate of price increase was 2.4% YoY.

The Census and Statistics Department (C&SD) attributed the moderation in the composite consumer price index (CPI) to "the high base of comparison caused by the increases in the prices of basic food in February 2022."

In February 2023, several components of the composite CPI also recorded year-on-year decreases, including durable goods (-2.1%), basic food (-0.6%), and housing (-0.1%).

Meanwhile, prices of electricity, gas and water (20.7%), alcoholic drinks and tobacco (14.0%), clothing and footwear (5.5%), meals out and takeaway food (4.3%), miscellaneous services (1.8%), miscellaneous goods (0.7%), and transport (0.4%) rose in February.

For households in the relatively low (CPI-A), medium (CPI-B) and relatively high (CPI-C) expenditure ranges, consumer prices rose 2.6%, 2.3% and 2.4%, respectively.

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 1.8%, 1.9%, 1.7% and 1.9%, respectively. 

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