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HK Apr CPI Up 1.1% YoY, Below Forecast; Underlying Inflation Rate Eases to 0.9%
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The Census and Statistics Department (C&SD) released today (23rd) the Consumer Price Index (CPI) figures for April 2024. According to the Composite CPI, overall consumer prices rose by 1.1% in April 2024 over the same month a year earlier, smaller than market expectations to maintain the 2% increase in the previous value. The smaller increase was mainly due to the Government's provision of rates concession in April 2024, whereas there was no such concession in March 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in April 2024 was 0.9%, also smaller than that in March 2024 (1%). A Government spokesman said that underlying consumer price inflation stayed modest in April. While prices of meals out and takeaway food increased at a relatively fast pace, prices of basic food edged down. Prices of energy-related items declined notably. Price pressures on other major components remained broadly in check. Looking ahead, overall inflation should remain contained in the near term. Domestic costs may face some upward pressures along with continued economic growth. External price pressures should remain on a broad downward trend, though geopolitical tensions will bring uncertainties. The Government will continue to monitor the situation. AAStocks Financial News |
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