Producer Prices in Hong Kong
Hong Kong - Producer Prices
Inflation inches down in September
Inflation ticked down to 3.2% in September from 3.5% in August. When accounting for the effects of one-off government relief measures, inflation in September ticked down to 3.2% in September from 3.4% in August. The print was primarily driven by a softer increase in housing costs. That said, higher prices for food, due to rising pork prices stemming from the effects of the African swine fever on supply, kept inflationary pressures elevated by historical standards.
For the July-September period, the average of the month-on-month seasonally-adjusted variation in consumer prices was 0.2%, down from 0.4% in the three-month period ending in August.
Commenting on the inflation outlook, a government spokesperson noted, “overall price pressures should remain contained along with subdued local economic conditions and further easing of imported inflation. Yet, the inflation rate may stay somewhat elevated in the near term given the supply situation of fresh pork.”
FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2020, which is up 0.1 percentage points from the previous month’s forecasts. Moving to 2021, our panel expects inflation to average 2.1%.
Hong Kong - Producer Prices Data
|Inflation (PPI, annual variation in %)||-3.1||-1.7||-2.7||1.3||3.8|
5 years of economic forecasts for more than 30 economic indicators.
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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November 5, 2019
The IHS Markit Purchasing Managers’ Index (PMI), dropped to 39.3 in October from 41.5 in September—the lowest reading since November 2008. October’s deterioration was mainly the result of new orders falling at the steepest pace since January 2009, led by a record decrease in new orders from mainland China.
October 31, 2019
The preliminary GDP reading showed the economy contracted at the sharpest pace since June 2009 in the third quarter, as Hong Kong faced the double whammy of mass protests battering domestic demand and the U.S.-China trade war hampering the external sector.
October 22, 2019
Inflation ticked down to 3.2% in September from 3.5% in August.
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).