August Inflation Up 3.5%

Overall consumer prices rose 3.5% year-on-year in August, the Census & Statistics Department announced today.

Netting out the effects of all the Government’s one-off relief measures, the underlying inflation rate was 3.4%, compared to 3.2% in July.

The month saw year-on-year price increases in food, housing, transport, miscellaneous goods, meals bought away from home and miscellaneous services.

Decreases were recorded for electricity, gas and water, durable goods and clothing and footwear.

No year-on-year price change was recorded for alcoholic drinks and tobacco.

The Government said the rise in the underlying inflation rate in August was mainly due to an accelerated pork price increase.

Looking ahead, modest global inflation and sluggish local economic growth should continue to help contain overall inflation, but food inflation will probably stay elevated in the near term due to high fresh pork prices, it added.