June Inflation Up 0.7%

Overall consumer prices in June rose 0.7% year-on-year, less than the corresponding increase of 1.5% in May, the Census & Statistics Department announced today.

Netting out the effects of the Government's one-off relief measures, the year-on-year increase in June's underlying inflation rate was 1.2%, smaller than the 1.9% increase in May.

The department said it was mainly due to the substantial moderation of the year-on-year increase in pork prices when compared with May.

Year-on-year price increases were recorded in June for food (excluding meals bought away from home), miscellaneous goods, meals bought away from home, housing, miscellaneous services as well as alcoholic drinks and tobacco.

Year-on-year decreases were recorded for electricity, gas and water, clothing and footwear as well as durable goods.

The price for transport remained unchanged over a year earlier.

The Government said that the underlying consumer price inflation rate eased visibly in June as prices of basic foodstuffs showed a much narrower year-on-year increase against a high base of comparison caused by the surge in pork prices which started in May last year.

Overall inflationary pressures are expected to recede further in the near term amid austere global and local economic conditions.