Hong Kong Inflation April 2022

Hong Kong

Hong Kong: Inflation plunges to lowest level since January in April

May 23, 2022

Consumer prices increased a seasonally-adjusted 0.10% in April over the previous month, coming in below the 0.30% increase seen in March. April's result marked the weakest reading since September 2021.

Inflation came in at 1.3% in April, down from March’s 1.8%. April's figure marked the weakest inflation rate since January, and came amid slower increases in the prices of basic food, particularly fresh vegetables. Meanwhile, the trend was unchanged, with annual average inflation coming in at March's 1.7% in April.

Inflation has remained generally mild so far this year despite higher external cost pressures, as a result of weak domestic demand. Going forward, inflation is forecast to rise to around 3% over the next few quarters as domestic Covid-19 restrictions are eased, but will still be subdued compared to other developed economies.

FocusEconomics 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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