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Financial News: Hong Kong Inflation Rises Slightly To 1.2%

Hong Kong Inflation Rises Slightly To 1.2%

06/21/2024 - 06:27:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation rose for the first time in three months in May, though marginally, data released by the Census and Statistics Department showed on Friday.

The consumer price index, or CPI, climbed 1.2 percent year-over-year in May, following a 1.1 percent rise in April, which was the weakest inflation since June 2021.

Food inflation rose to 1.9 percent in May from 1.8 percent in the previous month as prices of meals out and takeaway food continued to increase at a relatively fast pace. Housing costs also increased at a slightly faster pace of 1.1 percent annually versus a 1.0 percent gain a month ago.

Data showed that the annual growth in transport charges accelerated to 2.3 percent from 1.8 percent. Meanwhile, prices for durable goods continued to decrease by 0.9 percent.

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

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

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

Domestic cost pressures may increase as the Hong Kong economy continues to grow, while external price pressures should continue to stay on a broad moderating trend, though geopolitical tensions may bring uncertainties, the spokesperson added.

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