Hong Kong Inflation September 2022

Hong Kong

Hong Kong: Inflation jumps to over five-year high in September

October 21, 2022

Inflation increased to 4.3% in September, following August’s 1.9%. September's result was the highest inflation rate since August 2016. However, inflation is still 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 price pressures.

Annual average inflation rose to 1.9% in September (August: 1.7%).

Finally, consumer prices increased a seasonally adjusted 0.10% in September over the previous month, mirroring August's reading. September's result marked the weakest reading since May.

FocusEconomics Consensus Forecast panelists forecast inflation to average 2.2% in 2023, which is unchanged from the previous month’s forecast. In 2024, our panel expects inflation to average 2.1%.


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Hong Kong Inflation Chart

Hong Kong Inflation September 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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