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Financial News: Hong Kong Inflation Eases To 1.1%, Lowest In

Hong Kong Inflation Eases To 1.1%, Lowest In Nearly 3 Years

05/23/2024 - 08:58:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation softened further in April to the lowest level in close to three years, largely due to a fall in basic food prices and energy-related items, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.1 percent year-over-year in April, slower than the 2.0 percent rise in March.

Further, this was the weakest inflation since June 2021, when prices had risen only 0.7 percent.

The smaller increase was mainly due to the government's provision of rate concessions in April 2024, whereas there was no such concession in March 2024, the agency said.

Food inflation softened to 1.8 percent in April from 1.9 percent in the previous month as basic food prices dropped 0.4 percent.

Housing costs rose at a slower pace of 1.0 percent annually versus a 3.1 percent gain a month ago. This was mainly attributed to a 9.3 percent plunge in charges for electricity, gas, and water.

Data showed that the annual growth in transport charges moderated to 1.8 percent from 2.2 percent.

Netting out the effects of all the government's one-off relief measures, underlying inflation also eased to 0.9 percent from 1.0 percent.

The average monthly rate of change for the 3-month period ending in April was -0.2 percent.

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

"Domestic costs may face some upward pressures along with continued economic growth, while external price pressures should remain on a broad downward trend, though geopolitical tensions will bring uncertainties."

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