Hong Kong Inflation Rate Up to 4.1% in June

In June of 2013, Hong Kong annual inflation rate edged up to 4.1 percent, up from 3.9 percent in May, mainly due to the enlarged increases in the prices of fresh vegetables as well as private housing rentals.
Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com 7/22/2013 9:43:47 AM
Year-on-year price increases were recorded in June for electricity, gas and water (6.7 percent); housing (6.3 percent); food (excluding meals bought away from home) (4.3 percent); meals bought away from home (4.2 percent); miscellaneous services (3.5% percent); miscellaneous goods (2.4 percent); alcoholic drinks and tobacco (2.0 percent); transport (2.0 percent) and clothing and footwear (1.1 percent).

On the other hand, year-on-year decrease in prices were recorded in June for durable goods (-5.0 percent).

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from April to June 2013 was 0.3 percent, the same as that for the 3-month period from March to May 2013. 

For the first half of 2013 as a whole, prices rose by 3.9 percent over a year earlier. In the second quarter of 2013, the inflation rate increased 4.0 percent over a year earlier. 

A Government spokesman commented that, looking ahead, inflation is still subject to modest upside risks in the coming months as the lagged effects of the rise in private housing rentals during 2012 will continue to feed through. Nonetheless, the subdued imported inflation and the milder increases in fresh-letting residential rentals in recent months should help contain inflation in the latter part of this year. The Government will monitor the inflation situation closely, particularly its impact on the lower-income people.

Hong Kong Inflation Rate Up to 4.1% in June