Consumer prices rise 1.2% YoY in May

Prices rose faster in May compared to April.

Consumer prices rose by 1.2% year-on-year (YoY) in May, slightly faster than the 1.1% YoY increase in April.

After factoring out the impact of the government's one-off relief measures, the underlying inflation rate stood at 1.0%, also higher than the 0.9% increase in April.

 Census and Statistics Department (C&SD) reported that compared with May 2023, Hong Kong observed price hikes in categories such as alcoholic drinks and tobacco, meals out and takeaway food, transport, miscellaneous services, miscellaneous goods, clothing and footwear, and housing.

On the other hand, electricity, gas, water, and durable goods recorded YoY price decreases.

The government anticipates overall inflation to stay contained in the near term, whilst domestic cost pressures may increase as the Hong Kong economy continues to grow.