Hong Kong Inflation July 2022

Hong Kong

Hong Kong: Inflation remains steady in July

August 22, 2022

Inflation held steady at June's 1.9% in July. While food price inflation accelerated slightly, transport price pressures eased amid a drop-off in global fuel prices. Moreover, housing costs continued to decline.

July’s inflation reading was 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, muted demand, and lower rent prices amid emigration, are also weighing on price pressures. Annual average inflation ticked down to 1.7% in July (June: 1.8%).

FocusEconomics Consensus Forecast panelists forecast inflation to average 2.1% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, our panel expects inflation to average 2.2%.


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Hong Kong Inflation July 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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