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  • Sep 20, 2014
  • Updated: 1:43pm
NewsHong Kong

Hong Kong food prices rise more than 100pc since 2007

PUBLISHED : Monday, 11 February, 2013, 3:41pm
UPDATED : Monday, 11 February, 2013, 5:07pm

The prices of some common foods such as rice and beef have surged by over 100 per cent across Hong Kong since 2007 – far outpacing the 18-per-cent growth in income of public housing residents in that period – a Labour Party survey has found.

The party said on Monday that its survey compared prices and income from 2007 to last month.

It found that one of the city’s poorest areas – Tin Shui Wai – has the most expensive food, with pork and beef prices more than 50 per cent dearer than in other districts.

Tam Chun-yin, the party’s community officer, called for the government to introduce a negative income tax to subsidise people earning below a certain amount, to help them survive amid high inflation.

Tam said: “We believe the exorbitant food prices in Tin Shui Wai are caused by a lack of market competition. The government should build public markets there as they do in other places.”

All six markets in Tin Shui Wai are run by the listed group Link Reit, a real estate investment trust. In other districts there are markets managed by the Food and Environmental Hygiene Department.

The survey, conducted in January, covered 30 markets in different parts of Hong Kong, looking at prices of 16 food items including rice, pork, beef, chicken, fish and vegetables. Surveyors then compared the average prices to prices recorded by the government in 2007.

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blue
Do people living in public housing really need a negative income tax on top of free health care and dirt cheap housing?
Labour Party lawmakers really are total disingenuous scum.
A negative income tax for people who don't live in public housing but are stuck in some kind of sandwich class or live in cubical homes might be worth considering though.
maecheung
"A negative income tax for people who don't live in public housing but are stuck in some kind of sandwich class or live in cubical homes might be worth considering though. "
Agree, I'd bet they have less disposable income, after paying for the high rent, than those living in public housing, some of whom may have higher family income unreported and unchecked.
basicblue
Live Good and Starve to Death.. Real Estate COs running Food Markets? Give me a Break.
blue
Don't exaggerate. People living in public housing aren't starving to death. I do agree that the link is a huge mistake though, and that should be rolled back.
whymak
Are you sure that the Labour Party got the facts right?
The 18% income growth is real growth. It has been adjusted for CPI or GDP deflator. Since the consumer price index is about 122 based on 100 in 2007, the nominal income growth for these folks is 44% (=1.18*1.22).
Yes, food inflation hurts poor people in public housing the most because they spend a larger portion of their income on essentials.
But we don't need the politicians to exaggerate it.
Whenever and wherever possible, please don't dumb down Hong Kongers with misinformation.
 
 
 
 
 

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