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Financial News: Hong Kong Inflation Eases Slightly In August

Hong Kong Inflation Eases Slightly In August

09/20/2018 - 05:02:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased unexpectedly in August, though marginally, data from the Census and Statistics Department showed Thursday.

Consumer prices climbed 2.3 percent year-over-year in August, following a 2.4 percent rise in July. Meanwhile, economists had expected the inflation to remain stable at 2.4 percent.

Netting out the effects of all Government's one-off relief measures, underlying inflation also slowed slightly to 2.6 percent from 2.7 percent.

Food prices, excluding meals bought away from home, grew 4.5 percent annually in August and utility costs rose by 3.4 percent. Meanwhile, prices of durable goods dropped 1.9 percent.

"Looking ahead, inflationary pressure is expected to increase modestly in the coming months, alongside the gradual rise in global inflation and continued feed-through of earlier rises in fresh-letting residential rentals," a government spokesman said.

"Yet, the inflation rate should stay within a moderate range for 2018 as a whole."

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