Inflation in Hong Kong
Hong Kong - Inflation (end of period)
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.”
FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2019. Moving to 2020, our panel expects inflation to average 2.3%.
Hong Kong - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||4.3||4.9||2.3||1.2||1.7|
5 years of economic forecasts for more than 30 economic indicators.
Hong Kong Inflation (eop) Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
|Bond Yield||1.04||3.38 %||Sep 04|
|Exchange Rate||7.84||-0.11 %||Sep 04|
|Stock Market||26,523||-1.92 %||Sep 04|
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October 4, 2019
The IHS Markit Purchasing Managers’ Index (PMI), ticked up from 40.8 in August to 41.5 in September; however, the index remained mired in a sharp downturn as the average PMI for the third quarter was lowest since the height of the global financial crisis approximately a decade ago. September’s uptick was mainly the result of softer, albeit still significant, declines in new orders and output—the second-steepest deteriorations since early 2009.
October 2, 2019
Retail sales volume plunged 25.3% year-on-year in August, a significant deterioration from July’s revised 13.1% contraction (previously reported: -13.0% year-on-year).
September 20, 2019
Inflation increased to 3.5% in August from 3.3% in July.
September 4, 2019
The IHS Markit Purchasing Managers’ Index (PMI), plunged from 43.8 in July to 40.8 in August, marking the lowest reading since February 2009 amid mass protests and elevated global trade tensions.
August 30, 2019
Retail sales by volume dipped 13.0% year-on-year in July, a notable deterioration from June’s 7.6% contraction.