Overall consumer prices rose 2.4% in January year-on-year, the Census & Statistics Department announced today.

Netting out the effects of all Government one-off relief measures, the underlying inflation rate was 3%, compared to December’s 2.9%.

Year-on-year price increases were recorded in the month for food, alcoholic drinks and tobacco, housing, miscellaneous services, meals bought away from home, transport, miscellaneous goods, and clothing and footwear.

Year-on-year decreases in prices were recorded for electricity, gas and water as well durable goods.

The department said given the difference in timing of the Lunar New Year, which fell in early February this year compared to mid-February last year, it would be more meaningful to examine the combined January and February figures to assess the underlying inflation situation.

It said the recent moderation in fresh-letting residential rentals could have a mitigating effect in the months ahead. The moderating global economic growth and the earlier strengthening of the US dollar vis-a-vis other major currencies should also help keep external price pressures in check.

The Government will monitor the situation closely, particularly the impact on people with lower income, it added.