Prices for food and basic utilities like electricity, gas and water continue to rise.
Inflation levels in Hong Kong rose for the fourth consecutive month in 2018 after climbing 1.9% YoY in April, according to figures released by the Census and Statistics Department.
Consumers are expected to bear the brunt of higher food prices which rose 4.6% YoY as well as electricity, gas and water which jumped 3.7% YoY.
The price of clothing and footwear, transport and alcoholic drinks and tobacco also rose 0.9%, 0.5% and 0.2% respectively.
Hong Kongers should brace for intensified inflationary pressures in the coming months as strong economic conditions continue which will push prices up, a government spokesman noted.
“The feed-through of the rise in fresh-letting residential rentals over the past year or so will also likely become more visible in the period ahead. Nonetheless, the inflation rate should remain within a moderate range in the near term,” the report added.
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