Financial News: Hong Kong Inflation Eases Slightly To 2.0%

Hong Kong Inflation Eases Slightly To 2.0%

04/23/2024 - 05:03:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased marginally in March after rising in the previous month, data released by the Census and Statistics Department showed on Tuesday.

The consumer price index, or CPI, climbed 2.0 percent year-over-year in March, following a 2.1 percent rise in February.

Food inflation softened to 1.9 percent in March from 2.2 percent in the previous month. Similarly, transport charges rose at a slightly slower pace of 2.2 percent versus a 2.3 percent increase a month ago.

Data showed that the annual growth in clothing and footwear prices slowed to 0.3 percent from 1.3 percent. Costs for utilities continued to decline sharply, by 8.7 percent.

Netting out the effects of all the government's one-off relief measures, underlying inflation also moderated to 1.0 percent from 1.2 percent.

The average monthly rate of change for the 3-month period ending in March was flat.

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

"Domestic costs may face some upward pressures as the Hong Kong economy continues to grow, while external price pressures should remain on a broad downward trend, though heightened geopolitical tensions will bring uncertainties."

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