HK consumer prices soften in August

Business | 21 Sep 2020 9:54 pm

The Consumer Price Index fell for two consecutive months, with a 0.4 percent year-on-year drop in August, the Census and Statistics Department said.

The fall in August narrowed by 1.9 percentage point compared to July.

Netting out the effects of all government's one-off relief measures, the year-on-year rate of increase in the underlying inflation rate in August was 0.1 percent, slightly smaller than that in July. The smaller increase in August was mainly due to the smaller increases in the prices of pork and private housing rentals.

The price of electricity, gas and water slumped by 19.3 percent and clothing and footwear fell by 7.6 percent. The Composite CPI recorded in August for food, excluding meals bought away from home grew by 3.5 percent.

Taking the first eight months together, the Composite CPI grew by 0.9 percent over a year earlier. The underlying inflation rate was 1.8 percent.

A government spokesman said that the underlying consumer price inflation rate edged down further to 0.1 percent in August as economic conditions remained weak amid the third wave of local epidemics. Prices of meals bought away from home saw a slightly larger year-on-year decline, while price pressures on many other major CPI components receded further.

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