Hong Kong Inflation May 2022

Hong Kong

Hong Kong: Inflation is stable in May at muted rate

June 21, 2022

Consumer prices rose a seasonally-adjusted 0.10% in May over the previous month, mirroring April's reading.

Inflation came in at 1.3% in May, matching April’s result. May’s reading is extremely low in the international context. The country’s U.S. dollar peg, which has seen the trade-weighted exchange rate rise this year on a stronger USD, is one factor at play. Government subsidies, and lower rent prices amid emigration, are also weighing on inflation. Meanwhile, the trend was unchanged, with annual average inflation coming in at April's 1.7% in May.

FocusEconomics Consensus Forecast panelists forecast inflation to average 2.4% in 2022, which is unchanged from the previous month’s forecast. In 2023, our panel expects inflation to average 2.3%.


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Hong Kong Inflation Chart

Hong Kong Inflation May 2022

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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