A woman walks through an outdoor market in Hong Kong on May 2, 2023. (PHOTO / AFP)
HONG KONG – Consumer prices in Hong Kong rose by 1.8 percent in August year-on-year, virtually the same as in July, the Census and Statistics Department announced on Thursday.
Netting out the effects of the government's one-off relief measures, the underlying inflation rate was 1.5 percent, which is slightly lower than July’s 1.6 percent, according to data released by the department.
Compared with August last year, price increases were seen in alcoholic drinks and tobacco; clothing and footwear; electricity, gas and water; meals out and takeaway food; miscellaneous services; miscellaneous goods; and transport and housing categories.
READ MORE: HK inflation remains moderate in July
Underlying consumer price inflation remained moderate in August, the government said
By contrast, year-on-year price decreases for durable goods and basic foods were recorded, the data showed.
The government of the special administrative region said underlying consumer price inflation remained moderate in August.
Prices for electricity continued to rise markedly over a year earlier, although the rate of increase eased further, while prices for clothing and footwear, and for meals out and takeaway food, continued to register significant increases.
Price pressures on other major components however remained broadly in check, the government added.
Looking ahead, a government spokesman said overall inflation should stay moderate in the near term and that external price pressures are likely to abate further.
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“While domestic business cost might face some upward pressures alongside the further revival of economic activities, it should remain largely moderate in the near term,” reads the statement.
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