Hong Kong Inflation Rate Lowest Since 2021

The annual inflation rate in Hong Kong slowed to 1.1% in April 2024 from 2% in the previous month and compared to market forecasts of 2.1%.

It was the lowest inflation rate since June 2021, as inflation moderated for food (1.8% vs 1.9% in March), housing (1% vs 3.1%), miscellaneous goods (1.1% vs 1.2%), transport (1.8% vs. 2.2%), and miscellaneous services (2.2% vs 2.9%).

Moreover, prices fell further for electricity, gas & water (-9.3% vs -8.7%).

On the other hand, prices fell at softer pace for durable goods (-0.8% vs -1.5%), while costs accelerated for alcoholic drinks and tobacco (20.8% vs 17.7%).

The underlying inflation rate ticked down 0.9% in April compared to 1% in the prior period.

On a monthly basis, consumer prices fell 0.7% after showing no growth in the previous month.