Hong Kong's overall consumer prices rose 2.4% in June over the same month a year earlier, smaller than the corresponding increase of 2.6% in May, according to the Census and Statistics Department.
Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in June was 2.1%, slightly smaller than May's 2.2% rise, mainly due to the decreases in the prices of fresh vegetables.
A Government spokesman said that consumer price inflation eased further in June, thanks mainly to the abating price increases in the food and private housing rental components. Meanwhile, the price pressures in many other major CPI components were also modest. The spokesman commented further that, looking ahead, upside risks to inflation should remain contained in the near term, given the soft import prices and the continued feed-through of the earlier softening in local fresh-letting residential rentals. The subpar economic conditions should also keep local cost increases in check.
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