ECONOMY | Staff Reporter, Hong Kong

Inflation up 2.4% for sixth straight month in June

Food prices rose steeply by 5.2%.

Hong Kong’s overall consumer prices climbed for the sixth consecutive month this year after rising 2.4% YoY in June, according to the Census & Statistics department.

Residents were hit right in the gut as the price of basic necessities like food rose the steepest at 5.2% in June followed by electricity, gas and water at 3.8%.

Also read: PMI further plummets to 47.7 in June as costs skyrocket

The price of clothing and footwear also rose 3.6% whilst housing and transport costs maintained their steady uptrend after rising 2.1% and 2% respectively. Only the prices of durable goods fell 2.1%.

“Inflationary pressure is expected to intensify slightly in the near term compared to the situation in the first half of the year, reflecting higher global inflation and continued feed-through of earlier rises in fresh-letting residential rentals,” a government spokesperson said in a statement.

Photo from Srameitcoinm - Own work, CC BY-SA 3.0

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