Financial News: Hong Kong Inflation Steady At 2.5%

Hong Kong Inflation Steady At 2.5%

09/20/2024 - 05:49:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation remained stable in August after rising in the previous three months, data released by the Census and Statistics Department showed on Friday.

The consumer price index, or CPI, climbed 2.5 percent year-over-year in August, the same as in July, which was the highest inflation in eight months.

Housing costs grew at a stable rate of 3.3 percent annually in August, while the price growth in electricity, gas, and water accelerated to 4.8 percent from 2.3 percent in July.

Food prices showed a slower increase of 1.8 percent, while those for durable goods dropped by 0.9 percent.

Netting out the effects of all the government's one-off relief measures, the underlying inflation also remained stable at 1.2 percent.

The average monthly rate of increase for the 3-month period ending in August was 0.6 percent.

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

Domestic costs may face some moderate upward pressures as the Hong Kong economy continues to grow, while external price pressures should moderate further in broad terms, though geopolitical tensions may pose uncertainties, the spokesperson added.

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