ECONOMY | Staff Reporter, Hong Kong

Inflation extends steep climb after rising 2.1% in May

Prices for food and basic utilities rose steeply at 4.7% and 3.4%.

Inflation levels rose for the fifth consecutive month this year after climbing 2.1% YoY in May, according to the Census & Statistics department.

Residents bore the brunt of higher costs as basic necessities like food prices registered the highest monthly increase at 4.7% followed by basic utilities like electricity, gas and water at 3.4%.

The price of housing also grew more expensive after inching up 2% alongside transport at 1.2%. Clothing and footwear, miscellaneous goods and alcoholic drinks and tobacco also edged up 1.4%, 1.1% and 0.2% respectively.

Favourable economic conditions buoyed the inflation pickup, according to a statement. Inflationary pressures are set to go up in the coming months in light of strong economic performance and continued feed-through of earlier rises in fresh-letting residential rentals, according to a government spokesperson. 

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

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.