Consumer prices rose 1.4 percent year-on-year in October, according to the official figure released on Thursday.

It was the smallest increase in five months, after the city recorded a rate of 2.2 percent in September.

Alcoholic drinks and tobacco saw the biggest increases at 21.8 percent, followed by electricity, gas and water at 8.5 percent.

In a statement, the government said food prices continued to record mild increases, while energy-related items saw a slow-down in price declines.

"Looking ahead, overall inflation should stay mild in the near term," a government spokesman said.

"Domestic costs may see some mild upward pressures as the Hong Kong economy continues to grow. External price pressures should ease further, though uncertainties from the external environment remain."