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