Hong Kong Inflation July 2020

Hong Kong

Hong Kong: Consumer prices register largest fall since November 2003 in July

August 20, 2020

Consumer prices dropped a seasonally-adjusted 1.00% over the previous month in July, after flatlining in June. July's result marked the sharpest fall in prices since December 1998. The fall was largely broad-based, with lower price pressures recorded for housing, transportation, and utilities. Prices for food goods also grew at a more subdued pace.

Consumer prices decreased 2.3% year-on-year in July, contrasting June’s 0.7% rise. July's reading marked the largest fall in consumer prices since November 2003. Meanwhile, annual average inflation fell to 1.9% in July (June: 2.4%).

FocusEconomics Consensus Forecast panelists forecast inflation to average 1.4% in 2020, which is down 0.1 percentage points from last month’s projection. In 2021, our panel projects inflation to average 1.9%.


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Hong Kong Inflation Chart

Hong Kong Inflation July 20 20

Note: Year-on-year and annual average variation of consumer price index in %.
Source: Census and Statistics Department Hong Kong and FocusEconomics Consensus Forecast.

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