July 22, 2022
HONG KONG –The overall consumer prices in Hong Kong rose by 1.8 percent in June year-on-year, larger than the corresponding increase of 1.2 percent in May, according to official data.
The Census and Statistics Department released the Consumer Price Index (CPI) figures for June on Thursday.
“Prices of energy-related items recorded faster year-on-year increases, while the increases in prices of clothing and footwear as well as food remained visible,” a government spokesman said, adding that price pressures on other major CPI components were broadly in check.
In view of surging inflation in some major import sources, price pressures on the external front are expected to remain notable.
Spokesman, HKSAR Govt
A 14.1 percent year-on-year increase was recorded in prices for electricity, gas and water; 5.5 percent for clothing and footwear; 4.8 percent for basic food; 3.5 percent for meals out and takeaway food; 2.1 percent for transport; 1.9 percent for durable goods; and 1.6 percent for alcoholic drinks and tobacco, the government said in a press release.
On the other hand, year-on-year decreases in the components of the Composite CPI – the underlying inflation rate – were recorded in June for housing (-0.5 percent) and miscellaneous goods (-0.1) percent, according to the data.
Netting out the effects of all government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI in June was also 1.8 percent, slightly larger than 1.7 percent recorded in May, the data showed.
For the first half of 2022, the Composite CPI rose by 1.5 percent over a year earlier, while for the 12 months ending in June, it was on an average 1.8 percent higher than that in the preceding 12-month period.
In view of surging inflation in some major import sources, price pressures on the external front are expected to remain notable, said the government spokesman.
“Yet, overall inflation should remain moderate in the near term as domestic cost pressures stay mild.”