June Sees 0.7% Inflation

Overall consumer prices rose 0.7% in June year-on-year, smaller than the 1% growth in May, the Census & Statistics Department announced today.

 

Netting out the effects of the Government’s one-off relief measures, June’s underlying inflation rate went up 0.4% on a year earlier, larger than the 0.2% recorded in May.

 

The Government said the rise was mainly due to the enlarged increases in the costs for meals out and takeaway food as well as the smaller decreases in proprietary medicine and supply prices.  

 

June saw year-on-year price increases for electricity, gas and water, clothing and footwear, transport, meals out and takeaway food, basic food, durable goods, miscellaneous services and alcoholic drinks and tobacco. On the other hand, year-on-year decreases in miscellaneous goods and housing were recorded.

 

The Government said prices of meals out and takeaway food as well as clothing and footwear showed widened year-on-year increases in June as the local epidemic situation continued to stabilise, helping to support consumption demand. Meanwhile, pressures on other major CPI components remained modest.

 

Looking ahead, while inflationary pressures may increase further in the near term alongside the economic recovery and rising import prices, overall inflation should remain largely contained as the local economy is still operating below capacity, it added.

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more