July 23, 2024
HONG KONG – Overall consumer prices in Hong Kong rose 1.5 percent year-on-year in June, up from the 1.2 percent increase recorded in May, according to official data released on Monday.
The larger increase in June was mainly due to the decrease in the Hong Kong Special Administrative Region government’s subsidy provision for electricity charges compared to the same month last year, the Census and Statistics Department said.
Netting out the effects of the SAR government’s one-off relief measures, underlying inflation was 1 percent, the same as that in May.
Compared with June last year, price increases were recorded in alcoholic drinks and tobacco, meals out and takeaway food, miscellaneous services, transport, housing, miscellaneous goods, basic food, and electricity, gas and water.
On the other hand, price decreases were recorded in durable goods, and clothing and footwear.
For the first half of 2024 as a whole, the Composite Consumer Price Index rose by 1.6 percent over a year earlier.
Am HKSAR government spokesman said that underlying consumer price inflation stayed modest in June.
Prices of meals out and takeaway food recorded relatively fast increases over a year earlier, while those of basic food saw modest growth, he said.
Prices of energy-related items continued to decrease visibly while price pressures on other major components remained broadly in check, he added.
Looking ahead, overall inflation should stay mild in the near term, the spokesman said, adding that domestic cost may face some upward pressures as Hong Kong’s economy continues to grow.
He also said that external price pressures should remain on a broad moderating trend, though geopolitical tensions may bring uncertainties.