Consumer price index in June rose 1.5pc year-on-year

The Census and Statistics Department (C&SD) stated on Monday that according to Hong Kong's Consumer Price Index (CPI), overall consumer prices rose by 1.5 percent in June 2024 over the same month a year earlier, larger than the corresponding increase of 1.2 percent recorded in May 2024.  

The larger increase in June 2024 was mainly due to the decrease in the government's provision of electricity charge subsidies compared to the same month last year.  

Netting out the effects of all the government's one-off relief measures, the year-on-year rate of increase in the composite CPI in June 2024 was 1 percent, the same as that in May 2024.  

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in June 2024 for alcoholic drinks and tobacco at 22 percent, meals out and takeaway food at 2.7 percent, miscellaneous services at 2.5 percent, transport at 1.7 percent, housing at 1.1 percent, miscellaneous goods and basic food at 0.5 percent, and electricity, gas, and water at 0.1 percent.  

On the other hand, year-on-year decreases in the components of the Composite CPI recorded in June 2024 were 0.6 percent for both durable goods and clothing and footwear.  

A government spokesperson said that underlying consumer price inflation stayed modest in June. The prices of meals out and takeaway food recorded relatively fast increases over a year earlier, while those of basic food saw modest growth. In the meantime, prices of energy-related items continued to decrease visibly while price pressures on other significant components remained broadly in check.  

Looking ahead, overall inflation should stay mild in the near term, but domestic costs may face some upward pressure as the Hong Kong economy continues to grow, the spokesperson noted.

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.