Hong Kong Inflation Rate Reaches 1.8% in July
by: The Beat Asia
August 23, 2022
The Census and Statistics Department announced at the beginning of this week that Hong Kong’s inflation rate is showing a slight increase from the 1.8% difference recorded in June 2022. This is a year-on-year increase of up to 1.9% when compared to July 2021.
The steady rise in everyday costs has shown to persist despite the introduction of single payment relief schemes like consumption vouchers.
The economic effects were shown across the board, as a broad range of industries were affected. Spending areas that show an increase in pricing include apparel, food, alcohol and tobacco, transport, durable goods, and a variety of miscellaneous consumer services.
Markups in electricity, gas, and water were also recorded. Inversely, a price decrease in housing was recorded, showing a downward trend on a year-on-year basis.
The government has attributed the fluctuations to external price pressures, which are forecasted to remain, alongside secondhand inflation from imports. However, the average domestic costs for civilians are expected to stay at a moderate rate for now and won’t put too heavy a strain on the average spender.
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