Hong Kong consumer inflation slightly lower in August

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Hong Kong consumer inflation slightly lower in August

On September 21, 2022, a vendor sells dried produce on a street in Hong Kong. The consumer price index for August increased by 1.8 percent, slightly smaller than in July, the Census and Statistics Department of the government of Hong Kong Special Administrative Region said in August the year-on-year rate of increase was slightly smaller than that in July.

The average monthly increase in the Composite CPI for the 3 month period ending August was 0.2 percent, the same as for the 3 month period ending July 2022, it added.

In 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 goods 0.9 percent and durable goods 0.6 percent.

An HKSAR government spokesman said in a statement that consumer price inflation in August remained moderate.

There was some moderation in the year-on- year increases in clothing and footwear as well as a year-on-year increase in prices of food. The prices of energy-related items went up further. Price pressures on other major CPI components were broadly in check.

He said that as domestic cost pressures are still mild, inflation should remain moderate in the near term as external price pressures are expected to remain notable despite high inflation in some major import sources.