Consumer prices increase by 2.5% in Aug

The Census and Statistics Department (C&SD) released the Consumer Price Index (CPI) for Aug. 2024 today (Sept. 20). According to the comprehensive CPI, overall consumer prices in Aug. 2024 rose by 2.5% year over year, matching the increase in July 2024. Excluding all one-time government relief measures, the core inflation rate for Aug. 2024 was 1.2%, also consistent with July's figures.

The C&SD noted that the seasonally adjusted comprehensive CPI for the three months ending in Aug. 2024 averaged a monthly increase of 0.6%, the same as the three months ending in July 2024. Excluding government one-time relief measures, the corresponding increase was 0.2%.

In the breakdown of the comprehensive CPI for Aug. 2024, significant year-over-year price increases were observed in tobacco and alcohol (up 20.8%), electricity, gas, and water (up 4.8%), housing (up 3.3%), transportation (up 2.8%), dining out and takeaway (up 2.4%), miscellaneous services (up 2.2%), miscellaneous goods (up 0.9%), and staple foods (up 0.8%). The categories that saw year-over-year declines were clothing and footwear (down 1.8%), and durable goods (down 0.9%).

For the first eight months of 2024 combined, the comprehensive CPI rose by 1.8% compared to the same period last year, with Class A, B, and C CPI increases of 2.2%, 1.7%, and 1.6%, respectively. Excluding government one-time relief measures, the corresponding increases were 1.0%, 0.9%, 1.1%, and 1.3%.

A government spokesperson stated that core inflation remained mild in Aug. Prices for dining out and takeaway recorded a year-over-year increase, though the rate of increase slowed, and staple food prices saw a slight rise. Prices for energy-related items continued to fall significantly. Price pressures on other major components remained broadly under control.

The spokesperson said that overall inflation is expected to remain mild in the short term. Local costs may face some moderate upward pressure as the Hong Kong economy continues to grow. External price pressures are generally expected to ease further, although geopolitical tensions could bring some uncertainty. The government will continue to monitor the situation.

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