Inflation up by 1.2% YoY in May

It is smaller than the increase in April 2022 with 1.3%.

Overall consumer prices increased by 1.2% in May 2022 in the same period last year but are lower compared to April 2022 with 1.3% increase, the Census and Statistics Department said.

Without the effects of the government’s one-off relief measures, the year-on-year increase in the composite inflation in May 2022 was 1.7%, which is larger than 1.6% reported in April 2022

This larger increase is on the back of enlarged increases in electricity charges and costs for meals out and takeaway food.

The seasonally-adjusted average monthly rate of increase in the composite CPI for the three-month period ending May 2022 was 0.1%, which is the same as that for the three-month period ending April 2022.

Netting out the impact of the government's one-off relief measures, the corresponding rates of increase were both 0.2%.    

Amongst various components of the Composite CPI, year-on-year hikes in “prices were recorded in May 2022 for clothing and footwear (5.6%); basic food (4.9%); meals out and takeaway food (3.5%); durable goods (1.7%); transport (1.5%); miscellaneous services (1.3%); alcoholic drinks and tobacco (1.1%) and miscellaneous goods (0.6%).”    

Meanwhile, year-on-year decreases in the components of the composite CPI were posted in May 2022 for electricity, gas and water (-4.9%) and housing (-0.5%).    

The government said external price pressures are seen to remain notable whilst inflation remained rampant in some major import sources. 

But it noted that overall inflation should stay moderate in the near term with domestic cost pressures remaining mild.

READ MORE: Hong Kong sees exports rise 1.1% in April