May Consumer Prices Up 1%

Overall consumer prices rose 1% in May year-on-year, larger than the 0.8% growth in April, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, May’s underlying inflation rate went up 0.2% on a year earlier, marginally larger than the 0.1% recorded in April.

The Government said the climb was mainly due to the enlarged increases in the costs for meals out and takeaway food as well as the smaller decreases in fresh vegetable prices.

May saw year-on-year price increases for electricity, gas and water, transport, clothing and footwear, basic food, meals out and takeaway food, miscellaneous services and durable goods. On the other hand, year-on-year decreases in miscellaneous goods, housing, alcoholic drinks and tobacco were recorded.

The Government said price pressures stayed modest, despite the prices of meals out and takeaway food showed a slightly larger year-on-year increase amid the stabilisation of the local epidemic situation.

Looking ahead, while external price pressures may intensify in the near term along with a rise in global inflation, Hong Kong’s overall inflation should remain largely contained as the local economy is still operating below capacity, it added.