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Hong Kong Inflation July 2023

Hong Kong: Inflation declines to lowest level since March in July

Inflation ticked down to 1.8% in July, following June’s 1.9%. July’s result represented the lowest inflation rate since March. In July, higher price pressures for transport more than offset lower food inflation.

The trend was unchanged, with annual average inflation coming in at June’s 2.1% in July. Lastly, consumer prices were flat in July over the previous month, coming in below June’s 0.19% rise.

Price pressures have been contained so far in 2023 by the removal of Covid-19-related supply disruptions, lower international commodity this year compared to last, mild housing price pressures due to population outflows since the pandemic hit, and the strong Hong Kong dollar thanks to its USD peg.

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