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Hong Kong Inflation August 2019

Hong Kong: Inflation hits a 40-month high amid pork shortages in August

Inflation increased to 3.5% in August from 3.3% in July. When accounting for the effects of one-off government relief measures, inflation in August ticked up to 3.4% from 3.2% in July. The print was primarily driven by higher prices for food, in part due to rising pork prices as the outbreak of African swine fever has hit supply; housing; and transport.

For the June-August period, the average of the month-on-month seasonally-adjusted variation in consumer prices was 0.4%, up from 0.3% in the three-month period ending in July.

Commenting on the inflation outlook, a government spokesperson noted: “modest global inflation and sluggish local economic growth should continue to help contain overall inflation. Yet, food inflation will probably stay elevated in the near term due to high prices of fresh pork.”

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