June 21, 2023
HONG KONG – The overall consumer prices in Hong Kong rose by 2.0 percent in May over the same month a year earlier, according to consumer price index figures released on Tuesday.
This is smaller than the average rate of 2.1 percent recorded in April this year, the Census and Statistics Department said in a statement.
On a seasonally adjusted basis, the average monthly rate of change in the Composite Consumer Price Index for the 3-month period ending May 2023 was 0.1 percent. Netting out the effects of all government’s one-off relief measures, the corresponding rate of change was 0.2 percent.
A Hong Kong Special Administrative Region government spokesman said that the underlying consumer price inflation rate stood at 1.8 percent in May, the same as that in April.
Prices of energy-related items continued to increase sharply year-on-year, and those of clothing and footwear as well as meals out and takeaway food rose visibly, an HKSAR govt spokesman said
Among the various components of the Composite CPI, year-on-year increases in prices were recorded in May for alcoholic drinks and tobacco (19.6 percent), electricity, gas and water (16.6 percent), clothing and footwear (5.8 percent), meals out and takeaway food (3.9 percent), miscellaneous services (2.7 percent), transport (1.5 percent), miscellaneous goods (1.2 percent), housing (0.5 percent), and basic food (0.5 percent).
On the other hand, a year-on-year decrease was recorded for durable goods (-3.7 percent).
Looking ahead, the spokesman said overall inflation should stay moderate in the near term. While domestic cost pressures may increase alongside the economic recovery, external price pressures will likely see some moderation though remaining notable, he added.