Overall consumer prices rose 2.3% in July over the same month last year, down on June's 2.4% figure, the Census & Statistics Department said today.
Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 2%, also down on the June figure of 2.1%.
Year-on-year increases were recorded for housing, meals bought away from home, miscellaneous services, alcohol and tobacco, food, miscellaneous goods, and transport.
Year-on-year decreases were recorded for durable goods, clothing and footwear, and electricity, gas and water.
The department said inflation pressures remained moderate in July, thanks mainly to the abating price increases in private housing rents.
Upside risks to inflation should remain contained in the near term, given the subdued global inflation, the continued feed-through of the earlier softening in local fresh-letting residential rentals and tame local cost pressure.
Nevertheless, year-on-year inflation rate will likely pick up in August temporarily, as the Government’s payment of public housing rentals last August created a low base of comparison, the department added.
