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).
Hong Kong's Balance of Payments and International Investment Position statistics for third quarter of 2024
The Census and Statistics Department (C&SD) released today (December 20) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the third quarter of 2024. This release also included the preliminary External Debt (ED) statistics of Hong Kong for the same period.
I. Balance of Payments
Hong Kong recorded a BoP deficit of $23.0 billion (2.8% of Gross Domestic Product (GDP)) in the third quarter of 2024. Reserve assets correspondingly decreased by the same amount. This compared with a BoP deficit of $62.7 billion (8.3% of GDP) in the second quarter of 2024.
Current account
The current account recorded a surplus of $120.8 billion (14.9% of GDP) in the third quarter of 2024. This reflects that Hong Kong's savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. Compared with the current account surplus of $111.4 billion (14.5% of GDP) in the third quarter of 2023, the increase in surplus was mainly due to the decrease in goods deficit, partly offset by the decrease in net inflow of primary income.
The goods deficit decreased substantially to $1.1 billion in the third quarter of 2024, compared with $21.4 billion in the same quarter of 2023. Over the same period, the services surplus increased slightly from $39.4 billion to $39.8 billion. The primary income inflow and outflow amounted to $616.1 billion and $528.9 billion respectively, thus yielding a net inflow of $87.2 billion in the third quarter of 2024, compared with a net inflow of $97.7 billion in the same quarter of 2023.
Financial account
An overall increase in financial non-reserve assets amounting to $107.7 billion (13.3% of GDP) was recorded in the third quarter of 2024, compared with an overall increase of $195.9 billion (25.9% of GDP) in the second quarter of 2024. The overall increase recorded in the third quarter of 2024 was due to the net increases in portfolio investment and other investment, partly offset by the net decreases in direct investment and financial derivatives.
In the third quarter of 2024, reserve assets decreased by $23.0 billion, compared with a decrease of $62.7 billion in the second quarter of 2024.
II. International Investment Position
At the end of the third quarter of 2024, both Hong Kong's external financial assets and liabilities stood at a very high level, amounting to $52,982.1 billion (16.9 times of GDP) and $36,927.0 billion (11.8 times of GDP) respectively, a typical feature of a prominent international financial centre.
Hong Kong's net external financial assets (i.e. assets minus liabilities) amounted to $16,055.0 billion (5.1 times of GDP) at the end of the third quarter of 2024, compared with $14,308.4 billion (4.6 times of GDP) at the end of the second quarter of 2024. Hong Kong's net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.
III. External Debt
At the end of the third quarter of 2024, Hong Kong's gross ED amounted to $14,959.6 billion (4.8 times of GDP). Compared with $14,727.8 billion (also 4.8 times of GDP) at the end of the second quarter of 2024, gross ED increased by $231.7 billion. This was mainly attributable to the increases in ED of the banking sector and ED of other sectors.
As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the third quarter of 2024, 54.1% of Hong Kong's ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (27.6%) and debt liabilities in direct investment (intercompany lending) (17.3%).
Further information
BoP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (i.e. between residents and non-residents).
IIP is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular time point. The difference between the external financial assets and liabilities is the net IIP of the economy, which represents either its net claim on or net liability to the rest of the world.
Gross ED, at a particular time point, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy and that require payment of principals and/or interests by the debtors at some time points in the future.
Table 1 presents Hong Kong's BoP. Table 2 presents the detailed current account and capital account, while Table 3 presents the detailed financial account. Table 4 shows Hong Kong's IIP, and Table 5 shows Hong Kong's ED.
Statistics on BoP, IIP and ED for the third quarter of 2024 are preliminary figures, which are subject to revision upon the availability of more data. With the incorporation of the latest data from surveys and other sources, the statistics on BoP, IIP and ED for 2023 have been revised.
The latest statistical tables of BoP (including seasonally adjusted current account), IIP and ED can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode260.html). Analysis of the statistics, together with the conceptual and methodological details, are presented in the publication Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong, Third Quarter 2024 published by the C&SD. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040001&scode=260).
For enquiries about the BoP, IIP and ED statistics, please contact the Balance of Payments Section of the C&SD (Tel: 3903 6979 or email: bop@censtatd.gov.hk).
