Inflation slightly rose by 2.0% in May

The overall consumer prices are slightly smaller compared to 2.1% in April 2023.

The year-on-year rate of increase in the composite consumer price index (CPI) in May 2023 was 1.8% excluding one-off relief measures, the Census and Statistics Department (C&SD) figures showed.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period ending May 2023 was 0.1%, and that for the three-month period ending April 2023 was 0.0%. 

Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were 0.2% and 0.0%.   

Amongst the various components of the Composite CPI, YoY increases in prices were recorded in May 2023 for alcoholic drinks and tobacco (19.6%), electricity, gas, and water (16.6%), clothing and footwear (5.8%), meals out and takeaway food (3.9%), miscellaneous services (2.7%), transport (1.5%), miscellaneous goods (1.2%), housing (0.5%), and basic food (0.5%).   

Year-on-year decrease in the component of the Composite CPI was recorded in May 2023 for durable goods (-3.7%).   

A government spokesperson said the underlying consumer price inflation held steady at a moderate level of 1.8% in May. 

The government also said the prices of energy-related items continued to grow sharply on a yearly basis, and those of clothing and footwear as well as meals out and takeaway food rose visibly. Price pressures on other major components remained broadly in check.

"Looking ahead, overall inflation should stay moderate in the near term. While domestic cost pressures may increase alongside the economic recovery, external price pressures will likely see some moderation though remaining notable. The Government will continue to monitor the situation," the government spokesman said.