Consumer prices in HK increase by 1.1% in April

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23rd May 2024 – (Hong Kong) The Census and Statistics Department (C&SD) has released the Consumer Price Index (CPI) figures for April 2024. According to the data, consumer prices in Hong Kong rose by 1.1% in April 2024 compared to the same month the previous year. This increase was smaller than the 2.0% rise recorded in March 2024. The lower inflation rate in April was primarily attributed to the government’s provision of rates concession, which was absent in March. When excluding the effects of all one-off relief measures, the underlying inflation rate in April 2024 was 0.9%, also lower than the 1.0% rate in March 2024.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period ending in April 2024 was -0.2%, while it was 0.0% for the three-month period ending in March 2024. When considering the effects of one-off relief measures, the corresponding rates of change were both 0.0%.

Analyzing the sub-indices, the year-on-year rates of increase in the CPI(A), CPI(B), and CPI(C) were 1.1%, 1.0%, and 1.1% respectively in April 2024, compared to 2.3%, 1.9%, and 1.7% respectively in March 2024. Excluding the effects of one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B), and CPI(C) were 0.8%, 1.0%, and 1.1% respectively in April 2024, compared to 0.8%, 1.1%, and 1.3% respectively in March 2024.

On a seasonally adjusted basis, for the three-month period ending in April 2024, the average monthly rates of change in the CPI(A), CPI(B), and CPI(C) were -0.3%, -0.2%, and 0.0% respectively. The corresponding rates of change for the three-month period ending in March 2024 were 0.0%, 0.0%, and -0.1% respectively. Excluding the effects of one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B), and CPI(C) for the three-month period ending in April 2024 were 0.1%, 0.0%, and 0.1% respectively. The corresponding rates of change for the three-month period ending in March 2024 were 0.0%, 0.0%, and -0.1% respectively.

Among the various components of the Composite CPI, year-on-year increases in prices were observed in April 2024 for alcoholic drinks and tobacco (20.8%), meals out and takeaway food (3.1%), miscellaneous services (2.2%), transport (1.8%), miscellaneous goods (1.1%), housing (1.0%), and clothing and footwear (0.6%). On the other hand, year-on-year decreases were recorded in the components of the Composite CPI for electricity, gas, and water (-9.3%), durable goods (-0.8%), and basic food (-0.4%).

Looking ahead, the government expects overall inflation to remain contained in the near term. While domestic costs may face upward pressures due to continued economic growth, external price pressures are anticipated to decrease, although geopolitical tensions introduce uncertainties. The government will closely monitor the situation.