Overall consumer prices rose 2% year-on-year in January, a larger rate of increase than the 1.4% seen in December, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1.6%, also larger than that seen in December.

Compared with a year before, price increases were recorded in January in the following categories: alcoholic drinks and tobacco; electricity, gas and water; transport; miscellaneous services; meals out and takeaway food; housing; miscellaneous goods; and basic food.

Meanwhile, year-on-year decreases were logged in clothing and footwear, as well as durable goods.

The Government commented that underlying consumer price inflation was modest in January, during which food prices registered mild year-on-year increases, and prices of energy-related items picked up moderately. At the same time, price pressures on other major components stayed broadly in check.

As last year’s and this year’s Lunar New Year fell in different months, the Government said it would assess the underlying inflation situation at a later date, using the combined figures for January and February 2025.

The Government also said it expects overall inflation to remain moderate in the near term.

While domestic costs may be subject to some upward pressures, external price pressures should remain contained, it remarked, adding that uncertainties stemming from geopolitical tensions and trade conflicts warrant attention.