Jamie Zhang
Hong Kong's consumer prices rose by 1.5 percent last month from a year earlier, higher than a 1.2 percent hike in May, due to lower subsidies for electricity provided by the government.
Excluding the effects of the government's one-off relief measures, the underlying inflation rate stood at 1 percent in June, the same as in May.
Among the various components of the composite CPI, year-on-year increases in prices were recorded in June 2024 for alcoholic drinks and tobacco increased by 22 percent, while meals out and takeaways rose by 2.7 percent, transportation by 1.7 percent, housing by 1.1 percent, miscellaneous goods by 0.5 percent, basic food by 0.5 percent, and electricity, gas, and water by 0.1 percent. On the other hand, durable goods and clothing and footwear recorded decreases in June, both down by 0.6 percent.
A government spokesman said that underlying consumer price inflation stayed modest in June. Prices of meals out and takeaway food recorded relatively fast increases over a year earlier, while those of basic food saw modest growth. Prices of energy-related items continued to decrease visibly. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic costs may face some upward pressures as the Hong Kong economy continues to grow. Meanwhile, external price pressures should remain on a broad moderating trend, though geopolitical tensions may bring uncertainties. The government will continue to monitor the situation.
Inflation is expected to remain mild in the near term. Sing Tao
