Glonghui, Feb. 22 | Wen Jiawei, chief economist and strategist at Daxin Financial Group, said that Hong Kong's overall consumer price index rose 1.7% year-on-year in January, a significant decrease of 0.7 percentage points from December, lower than market expectations of 2.1%, and close to the bank's estimate of 1.8%. After deducting one-time relief measures, basic inflation increased by 0.8% year-on-year, and also decreased by 0.6 percentage points from December, the smallest increase in two and a half years. He said that overall, the high base due to the different dates of the Lunar New Year in the same period last year, combined with weak mainland food prices and a fall in international energy prices from high levels, dragged down the decline in food prices and electricity-related prices in Hong Kong, which is believed to be the main reason for the sharp decline in inflation. As Hong Kong continues to import talent, or continue to drive demand for housing, while property prices fall, some people may buy and rent. Private residential rents may rise moderately in the future, which may help partially offset the decline in food prices and energy prices. It is expected that inflation in Hong Kong will not slow further in the short term. It is estimated that inflation will increase by about 2% for the full year of 2024.