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Financial News: Hong Kong Inflation Eases Unexpectedly In May

Hong Kong Inflation Eases Unexpectedly In May

06/21/2022 - 06:34:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased unexpectedly in May, though marginally, data released by the Census and Statistics Department showed on Tuesday.

Consumer prices climbed 1.2 percent year-over-year in May, following a 1.3 percent increase in April. Meanwhile, economists had expected inflation to accelerate to 1.6 percent.

Moreover, the latest inflation was the lowest in four months.

The latest downward trend in inflation was largely driven by a 4.9 percent decline in charges for electricity, gas, and water.

Netting out the effects of all government's one-off relief measures, underlying inflation rose slightly to 1.7 percent in May from 1.6 percent in April.

Clothing and footwear prices alone grew 5.6 percent annually in May, and food prices registered an increase of 4.0 percent.

The average monthly rate of increase for the 3-month period ending May was 0.1 percent.

"External price pressures are expected to remain notable amid the rampant inflation in some major import sources," a government spokesman said.

"Yet, with domestic cost pressures remaining mild, overall inflation should stay moderate in the near term."

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