Hong Kong's August composite CPI increased by 2.5% year-on-year.

On September 20, the Census and Statistics Department of Hong Kong released the Consumer Price Index for August 2024. According to the Composite Consumer Price Index, overall consumer prices in August 2024 increased by 2.5% compared to the same month a year ago, the same as the corresponding increase in July 2024. Excluding the impact of all one-off relief measures by the government, the annual inflation rate (basic inflation rate) for the Composite Consumer Price Index in August 2024 was 1.2%, which is also the same as the corresponding increase in July 2024. The seasonally adjusted Composite Consumer Price Index showed an average monthly increase of 0.6% for the three months ending in August 2024, the same as the corresponding increase for the three months ending in July 2024. Excluding the impact of all one-off relief measures by the government, the corresponding increases were all 0.2%. In terms of category-specific analysis, the Consumer Price Indices for Type A, Type B, and Type C had annual increases of 3.2%, 2.2%, and 1.9%, respectively in August 2024, compared to 3.1%, 2.3%, and 2.0% in July 2024. Excluding the impact of all one-off relief measures by the government, the annual increases for Type A, Type B, and Type C Consumer Price Indices in August 2024 were 1.1%, 1.2%, and 1.3%, compared to the respective increases of 1.0%, 1.2%, and 1.4% in July 2024. The seasonally adjusted Consumer Price Indices for Type A, Type B, and Type C showed average monthly increases of 0.8%, 0.5%, and 0.4% for the three months ending in August 2024, the same as the corresponding increases for the three months ending in July 2024. Excluding the impact of all one-off relief measures by the government, the average monthly increases for the three months ending in August 2024 were 0.2%, 0.1%, and 0.2%, while the corresponding increases for the three months ending in July 2024 were all 0.2%. Among the components of the Composite Consumer Price Index, the categories that recorded annual increases in August 2024 were tobacco and alcohol (up 20.8%), electricity, gas, and water (up 4.8%), housing (up 3.3%), transportation (up 2.8%), dining out and take-out (up 2.4%), miscellaneous services (up 2.2%), miscellaneous goods (up 0.9%), and basic food (up 0.8%). On the other hand, the categories that recorded annual decreases in August 2024 were clothing and footwear (down 1.8%) and durable goods (down 0.9%). For the first eight months of 2024, the overall Consumer Price Index increased by 1.8% compared to the same period a year ago, with respective annual increases of 2.2%, 1.7%, and 1.6% for Type A, Type B, and Type C Consumer Price Indices. Excluding the impact of all one-off relief measures by the government, the respective increases were 1.0%, 0.9%, 1.1%, and 1.3%. For the three months ending in August 2024, the Consumer Price Index increased by 2.1% compared to the same period a year ago, with respective increases of 2.7%, 1.9%, and 1.8% for Type A, Type B, and Type C Consumer Price Indices. Excluding the impact of all one-off relief measures by the government, the respective increases were 1.1%, 1.0%, 1.1%, and 1.3%. Over the twelve months ending in August 2024, the Consumer Price Index increased by an average of 2.0% compared to the same period a year ago, with respective increases of 2.4%, 1.9%, and 1.8% for Type A, Type B, and Type C Consumer Price Indices. Excluding the impact of all one-off relief measures by the government, the respective increases were 1.2%, 1.1%, 1.2%, and 1.5%. A spokesperson for the Hong Kong government stated that basic consumer price inflation in August remained at a mild level. Prices for dining out and take-out increased annually but at a slower pace, while basic food prices rose slightly. Prices for energy-related items continued to decline significantly. Price pressures on other major components remained largely under control. Looking ahead, inflation is expected to remain mild in the short term overall. Local costs may face some moderate upward pressure due to continued economic growth in Hong Kong. External price pressures are expected to further ease, although geopolitical tensions may bring about uncertainties. The Hong Kong government will continue to monitor the situation.