ECONOMY | Staff Reporter, Hong Kong

Inflation picks up for seventh straight month at 2.4% in July

Food prices rose at a faster pace at 4.8%.

Hong Kong inflation levels extended their steep climb for the seventh consecutive month in 2018 after rising by 2.4% in July, according to the Census & Statistics department. 

The surge in food prices led the monthly inflation growth after rising by 4.8% followed closely by prices for electricity, gas and water which rose 4.2%.

Also read: PMI plumments to 47.7 in June as costs skyrocket

Inflation levels for clothing and footwear; housing; transport; and alcoholic drinks and tobacco also rose by 2.4%, 2.2%, 2.2% and 0.6% respectively.

On the other hand, the prices of durable goods fell 2.1%.

“In view of the edging up of global inflation and continued feed-through of earlier rises in fresh-letting residential rentals, local underlying consumer price inflation in the months ahead may remain somewhat higher than in the first half of 2018, when it averaged 2.4%,” a government spokesperson said in a statement.

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