Hong Kong: Inflation inches down in May
Inflation declined slightly to 2.8% in May, from 2.9% in April. When accounting for the effects of one-off government relief measures, inflation also came in at 2.8%, down from 2.9% in April. The print was primarily driven by a decrease in transport prices as well as moderating price pressures for holiday package tours.
For the March–May period, the average of the month-on-month variation in consumer prices was 0.3% in seasonally-adjusted terms, down from 0.4% in the three-month period ending in April.
Regarding the inflation outlook, a government spokesperson noted that:
“Looking ahead, inflation will likely remain moderate in the near term, in tandem with the easing in fresh-letting residential rentals earlier on and in external price pressures.”