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Financial News: Hong Kong Inflation Remains Stable As Expected

Hong Kong Inflation Remains Stable As Expected

09/22/2022 - 06:40:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation held steady in August, after accelerating in the previous two months, data released by the Census and Statistics Department showed on Thursday.

Consumer prices rose at a stable rate of 1.9 percent year-over-year in August. That was in line with economists' forecast.

The overall price increase was largely driven by a 15.2 percent surge in charges for electricity, gas, and water. Food prices alone grew 3.8 percent from last year.

Netting out the effects of all the government's one-off relief measures, underlying inflation eased slightly to 1.8 percent in August from 1.9 percent in July.

Clothing and footwear prices were 5.9 percent more expensive in August compared to last year, while housing costs dropped 0.3 percent.

The average monthly rate of increase for the 3-month period ending August was 0.2 percent.

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

"Yet, overall inflation should stay moderate in the near term as domestic cost pressures should continue to be mild."

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