Hong Kong inflation remains unchanged at 3.3% in July

Hungry Hongkongers won’t be happy with the inflation rate of 12.8% for food prices.

Overall consumer prices rose by 3.3% in July 2019 over the same month a year earlier, remaining virtually unchanged as compared to June 2019, according to data from the Census and Statistics Department (C&SD). Meanwhile, the YoY increase in the Composite CPI in July also remained unchanged at 3.2% compared to June.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending July 2019 was 0.3%, and that for the three-month period ending June 2019 was 0.5%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.3% and 0.4%.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in July 2019 for food (excluding meals bought away from home) (12.8%), housing (4.0%), miscellaneous goods (2.7%), alcoholic drinks and tobacco (2.4%), meals bought away from home (2.2%), transport (1.9%) and miscellaneous services (1.4%).

A Government spokesman said that the underlying consumer price inflation rate held stable at 3.2% in July. While pork prices showed an enlarged increase amid disruptions to the supply of fresh pork, the effect was offset by the narrower increase in charges for package tours. Price pressures on other major consumer price index components stayed largely moderate.