Hong Kong consumer prices up 1.8% YoY in July

Alcoholic drinks and tobacco recorded the highest price increase of 18.4%.

The consumer price index (CPI) rose by 1.8% year-on-year in July, data from the Census and Statistics Department showed.

Excluding the cost of the government’s one-off relief measure, the composite CPI posted a 1.6% YoY uptick.

The alcoholic drinks and tobacco sector posted the highest price increase at 18.4% YoY. Other sectors that recorded an increase in prices were electricity, gas and water (9.9%), clothing and footwear (6.6%), meals out and takeaway food (3.7%), miscellaneous services (2.4%), transport, (2.1%), miscellaneous goods (2%), and housing (0.7%).

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Durable goods and basic food prices, on the other hand, declined by 3.3% and 0.5%, respectively.

A government spokesman said the underlying consumer price inflation remained moderate during the period.

“Looking ahead, overall inflation should stay moderate in the near term. External price pressures should recede further. While domestic business cost might face some upward pressures alongside the economic recovery, it should remain largely moderate in the near term. The Government will continue to monitor the situation,” the spokesman said.