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Hong Kong Inflation May 2024

Hong Kong: Inflation holds stable in May

Inflation was stable at April’s 1.1% in May. Higher price pressures for transport were offset by lower price pressures for utilities. Inflation remains among the lowest rates in Asia, kept in check by mainland China’s huge manufacturing capacity, the currency peg to the U.S. dollar, April’s relief measures for housing tenants, and subdued retail sales as some Hong Kongers opt to shop on the mainland.

Annual average inflation fell to 1.9% in May (April: 2.0%).

Finally, consumer prices dropped a seasonally adjusted 0.19% in May over the previous month, a less pronounced decrease than the 0.65% fall seen in April.

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