Hong Kong's composite consumer price index rose 2.0% year over year in June, unchanged from May, according to data from the Census and Statistics Department released Tuesday.
By segment, electricity, gas and water prices increased 9.2% annually in June, while transport jumped 5.3% and miscellaneous services were up 5.2%. The price tags of miscellaneous goods, housing, meals out and takeaway food, clothing and footwear, and alcoholic drinks and tobacco also ticked up. On the other hand, the durable goods and basic food components of the composite CPI were down.
Netting out the effects of all government one-off relief measures, the underlying inflation rate was 1.9%, the same as in May, driven primarily by price increases of fuel-related items.
On a seasonally adjusted month-over-month basis, the average monthly increase in the composite CPI for the three months through June was 0.1%, unchanged from the previous three-month period ended May.
"Looking ahead, consumer price inflation is expected to rise in the coming months as the earlier surges in international oil prices continue to feed through. The recent moderation in international oil prices from previous peaks may provide some relief; however, the renewed escalation of tensions in the Middle East warrants close monitoring," a government spokesman said.
Hong Kong is banking on inflation to stay at "a moderate level" amid expectations of price pressures in other segments to be "largely contained," the spokesman added.
