Inflation at 1.2% in May

June 21, 2024

Overall consumer prices rose 1.2% in May year-on-year, slightly up from the 1.1% increase in April, the Census & Statistics Department announced today.


Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1%, also slightly higher than the 0.9% increase in April.


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


On the other hand, year-on-year decreases were recorded for electricity, gas and water, as well as durable goods.


The Government said that underlying consumer price inflation remained modest in May.


It further expounded that prices of meals out and takeaway food continued to increase at a relatively fast pace over a year earlier, while those of basic food were virtually unchanged.


Apart from noting that prices of energy-related items decreased markedly further, it pointed out that price pressures on other major components remained broadly in check.


Looking ahead, the Government said that overall inflation should stay contained in the near term, while domestic cost pressures may increase as the Hong Kong economy continues to grow.


External price pressures should continue to stay on a broad moderating trend, though geopolitical tensions may bring uncertainties, it added.

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