Financial News: Hong Kong Inflation Climbs To 2.5%, Highest In

Hong Kong Inflation Climbs To 2.5%, Highest In 8 Months

08/20/2024 - 06:23:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation rose for the third straight month in July to the highest level in eight months, data released by the Census and Statistics Department showed on Tuesday.

The consumer price index, or CPI, climbed 2.5 percent year-over-year in July, faster than the 1.5 percent rise in June.

Further, this was the highest inflation since November last year, when prices had risen 2.6 percent.

The annual price growth in utilities accelerated notably to 3.3 percent in July from 0.1 percent a month ago. Similarly, inflation based on transportation, rose to 2.7 percent from 1.7 percent.

Meanwhile, food inflation remained steady at 1.9 percent, and clothing and footwear prices were 1.2 percent less expensive.

Netting out the effects of all the government's one-off relief measures, underlying inflation stayed stable at 1.0 percent.

The average monthly rate of change for the 3-month period ending in July was 0.6 percent.

"Looking ahead, overall inflation should stay mild in the near term," a government spokesman said.

Domestic costs may face some moderate upward pressures as the Hong Kong economy continues to grow, while external price pressures should remain on a broad moderating trend, though geopolitical tensions may bring uncertainties, the spokesperson added.

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