In October, Hong Kong's CPI rose by 1.4% year-on-year and increased by 2.2% month-on-month.
In October 2024, Hong Kong's overall consumer prices increased by 1.4% compared to the same month last year, which is lower than the corresponding increase in September 2024 (2.2%).
At the end of October, Hong Kong's composite interest rate fell to 2.3%.
The Hong Kong Monetary Authority announced that the comprehensive interest rate reflecting the average funding cost of banks was 2.3% at the end of October, a decrease of 5 basis points from the 2.35% at the end of September. The decrease in the comprehensive interest rate mainly reflects the reduction in the weighted funding cost of deposits within the month.
Hong Kong's Unemployment Rate Rises to 3.1% in August-October
Express News | Paul Chan Mo-po: It is expected that Hong Kong's full-year economic growth will be around 2.5%.
Hong Kong Foreign Currency Reserves Slide in End-October
HKMA: Interest rates may remain at relatively high levels for a period of time.
The Federal Reserve in the USA cut interest rates by 0.25 basis points. The Hong Kong Monetary Authority stated that as expected by the market, the Fed further lowered interest rates, implementing a looser monetary policy. However, the future pace of rate cuts depends on the economic data in the USA, which will be affected by fiscal and economic trade policies, thus there are still many variables. Additionally, since the monetary policy environments of major economies are not necessarily fully synchronized, the risk of global market volatility is worth noting. The Hong Kong Monetary Authority mentioned that the financial and monetary markets in Hong Kong are operating smoothly, with stable market liquidity and a stable exchange rate of the Hong Kong dollar. The Hong Kong dollar's interbank interest rates are generally approaching the US dollar rates under the linked exchange rate system, while shorter-term interbank rates.