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1.8% inflation in October

Overall consumer prices rose 1.8% in October year-on-year, smaller than the 4.4% increase in September, the Census & Statistics Department announced today.   Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 1.7%, slightly less than September's 1.8%.   Compared with October last year, price increases were recorded for electricity, gas and water; clothing and footwear; meals out and takeaway food; basic food; alcoholic drinks and tobacco; transport; miscellaneous services, miscellaneous goods and housing.   On the other hand, a year-on-year decrease in price was recorded for durable goods.    The Government said that underlying consumer price inflation remained moderate in October.   The year-on-year increase in food prices showed some moderation, though remained relatively fast. Prices of clothing and footwear continued to record a visible increase, while those of energy-related items rose sharply. Price pressur

Land sale plan announced

(To watch the full press conference with sign language interpretation, click here.)   Secretary for Development Michael Wong announced the Government's 2021-22 Land Sale Programme today.   Fifteen residential sites are on the list. Four are on Hong Kong Island, one in Kowloon and 10 in the New Territories. They will provide about 6,000 units.   There will be three railway property development projects - two in Tung Chung and one in Tseung Kwan O Pak Shing Kok which can provide about 4,050 flats.   Meanwhile, the Urban Renewal Authority (URA) plans to take forward six projects, providing about 3,170 flats.   Mr Wong said: "Taking also into consideration the forecasted land supply from the projects of the MTR Corporation and the URA, as well as private development/redevelopment projects, the total potential private housing land supply in 2021-22 is estimated to have a capacity to produce about 16,500 flats."   He noted that the actual supply of private housing land will depend on various factors, including market conditions, the readiness for sale of government sites upon timely completion of relevant procedures and the implementation progress of railway property developments and the URA's projects.   For commercial land, there will be three sites put up for sale, which will yield about 478,600 sq m of gross floor area in total. Two of them are in Kai Tak and one is in Tung Chung.   Mr Wong said the Government will continue to provide a stable commercial land supply in order to sustain Hong Kong's economic development and competitiveness, regardless of any short-term market fluctuations.   "The Government will follow the established practice to announce in advance the quarterly land sale programme in order to provide transparency and certainty to the market. We may put up additional sites for sale in the quarters depending on the situation, so as to flexibly respond to changing market conditions," he added.
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