Inflation at 1.8% in August

September 21, 2023

Consumer prices rose by 1.8% in August year-on-year, virtually the same as in July, the Census & Statistics Department announced today.


Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 1.5%, slightly lower than July’s 1.6%.


Compared with August last year, price increases were seen in the following categories: alcoholic drinks and tobacco; clothing and footwear; electricity, gas and water; meals out and takeaway food; miscellaneous services; miscellaneous goods; and transport and housing.


By contrast, year-on-year price decreases for durable goods and basic foods were recorded.


The Government said underlying consumer price inflation remained moderate in August. It added that prices for electricity continued to rise markedly over a year earlier, although the rate of increase eased further.


It also noted that prices for clothing and footwear, and for meals out and takeaway food, continued to register significant increases, although price pressures on other major components remained broadly in check.


Looking ahead, the Government said overall inflation should stay moderate in the near term and that external price pressures are likely to abate further. It added that while domestic business costs could face some upward pressures amid the ongoing revival of economic activity, these should remain largely moderate in the near term.

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