And inflation is still likely to rise amid higher price pressures.
A news.gov.hk report said, “Year-on-year increases in prices were recorded in May for alcoholic drinks and tobacco (19.8%), mainly due to the 41.5% increase in tobacco duty; food, excluding meals bought away from home (10.1%); electricity, gas and water (7.9%); clothing and footwear (7.1%); housing (6.1%); meals bought away from home (5.1%); transport (4.8%); miscellaneous goods (4.1%) and miscellaneous services (2.7%).”
Also, the year-on-year rate of increase in the Composite Consumer Price Index in May was said to be 5.1%, mainly due to rising housing rentals and food prices.
View the full report here.
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