Consumer Price Indices for June 2024

     The Census and Statistics Department (C&SD) released today (July 22) the Consumer Price Index (CPI) figures for June 2024. According to the Composite CPI, overall consumer prices rose by 1.5% in June 2024 over the same month a year earlier, larger than the corresponding increase (1.2%) in May 2024. The larger increase in June 2024 was mainly due to the decrease in the Government's provision of electricity charges subsidy compared to the same month last year. 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 June 2024 was 1.0%, the same as that in May 2024. 

     On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending June 2024 was 0.0%, and that for the 3-month period ending May 2024 was -0.2%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.1%.
    
     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.3% and 1.3% respectively in June 2024, as compared to 1.2%, 1.1% and 1.2% respectively in May 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 1.0% and 1.2% respectively in June 2024, as compared to 0.9%, 1.1% and 1.2% respectively in May 2024.
    
     On a seasonally adjusted basis, for the 3-month period ending June 2024, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were -0.1%, 0.0% and 0.0% respectively. The corresponding rates of change for the 3-month period ending May 2024 were -0.3%, -0.2% and -0.1% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending June 2024 were 0.2%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending May 2024 were 0.2%, 0.1% and 0.0% respectively. 

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in June 2024 for alcoholic drinks and tobacco (22.0%), meals out and takeaway food (2.7%), miscellaneous services (2.5%), transport (1.7%), housing (1.1%), miscellaneous goods (0.5%), basic food (0.5%), and electricity, gas and water (0.1%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in June 2024 for durable goods (-0.6%), and clothing and footwear (-0.6%). 

     For the first half of 2024 as a whole, the Composite CPI rose by 1.6% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 1.5% and 1.5% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.8%, 1.0% and 1.2% respectively.

     In the second quarter of 2024, the Composite CPI rose by 1.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.2% and 1.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.0% and 1.1% respectively.

     For the 12 months ending June 2024, the Composite CPI was on average 1.9% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.8% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.3%, 1.2%, 1.3% and 1.5% respectively.

Commentary

     A Government spokesman said that underlying consumer price inflation stayed modest in June. Prices of meals out and takeaway food recorded relatively fast increases over a year earlier, while those of basic food saw modest growth. Prices of energy-related items continued to decrease visibly. Price pressures on other major components remained broadly in check.

     Looking ahead, overall inflation should stay mild in the near term. Domestic cost may face some upward pressures as the Hong Kong economy continues to grow. Meanwhile, external price pressures should remain on a broad moderating trend, though geopolitical tensions may bring uncertainties. The Government will continue to monitor the situation.

Further information

     The CPIs and year-on-year rates of change at section level for June 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).