HK's consumer prices up 1.9% in August

The overall consumer prices in Hong Kong rose 1.9 percent in August year-on-year, the same as that in July 2022, official data showed on Thursday.

Netting out the effects of the government's one-off relief measures, the year-on-year rate of increase in August's composite Consumer Price Index was 1.8 percent, slightly smaller than that in July, according to the Census and Statistics Department of the government of Hong Kong Special Administrative Region.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending in August was 0.2 percent, the same as that for the 3-month period ending July 2022, it added.

Compared with August last year, price increases were recorded for electricity, gas and water (15.2 percent); clothing and footwear (5.9 percent); basic food (4.7 percent); meals out and takeaway food (3.3 percent); transport (1.9 percent); alcoholic drinks and tobacco (1.7 percent); miscellaneous services (1.1 percent); miscellaneous goods (0.9 percent) and durable goods (0.6 percent). On the other hand, a decrease was recorded for housing.

An HKSAR government spokesman said in a statement that the overall consumer price inflation stayed moderate in August.

The year-on-year increases in prices of food as well as clothing and footwear, though remaining visible, saw some moderation. Prices of energy-related items soared further. Price pressures on other major CPI components were broadly in check.

While external price pressures are expected to remain notable amid high inflation in some major import sources, overall inflation should remain moderate in the near term as domestic cost pressures are still mild, he added.