Inflation up 1.8% YoY in August; Price hike seen in multiple categories

Without the effects of one-off relief measures, the inflation rate was lower.

The consumer prices increased by 1.8% YoY in August 2023, the same as in July, data from the Census & Statistics Department showed.

The underlying inflation rate, sans the government’s one-off relief measure effects, edged down 1.5% in August 2023 from 1.6% in July.

All price increases were seen in “alcoholic drinks and tobacco; clothing and footwear; electricity, gas and water; meals out and takeaway food; miscellaneous services; miscellaneous goods; and transport and housing.”

In contrast, YoY the government recorded price decreases for durable goods and basic foods.

The government said underlying consumer price inflation stayed moderate in August. It added that prices for electricity continued to increase markedly over a year earlier, although the rate of increase eased further.

In its outlook, the government said overall inflation should “stay moderate in the near term and that external price pressures are likely to abate further.” 

Domestic business costs, however, could face some “upward pressures amidst the ongoing revival of economic activity, these should remain largely moderate in the near term.”