August inflation climbs

Business | 20 Sep 2019 6:03 pm

Hong Kong's overall consumer prices rose by 3.5 percent in August over the same month a year earlier, larger than the corresponding increase of 3.3 percent in July, government data shows.

The underlying inflation rate netting out the effects of all government's one-off relief measures, measured by the Composite Consumer Price Index, went up from 3.2 percent in July to 3.4 percent in August, mainly due to the enlarged increases in the prices of pork and the increases in inbound and outbound transport fares.

For the first eight months this year, the Composite CPI rose by 2.8 percent over a year earlier, or 3 percent higher than a year ago netting out the effects of all government's one-off relief measures.

The rise in the underlying consumer price inflation rate was mainly due to an accelerated increase in pork prices amid continued disruptions to the supply of fresh pork, while price pressures on other major consumer price index components remained largely moderate, a government spokesman noted.

“Modest global inflation and sluggish local economic growth should continue to help contain overall inflation. Yet, food inflation will probably stay elevated in the near term due to high prices of fresh pork,” he said, adding that the government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.

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