Hong Kong Economic and Trade Office, USA
Hong Kong
News Release



Consumer Price Indices for June 2020

 



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July 21, 2020 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for June 2020.

According to the Composite CPI, overall consumer prices rose by 0.7% in June 2020 over the same month a year earlier, smaller than the corresponding increase (1.5%) in May 2020. 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 2020 was 1.2%, smaller than that in May 2020 (1.9%). The smaller increase in June was mainly due to the substantial moderation of the year-on-year increase in prices of pork when compared with May. The prices of pork started to surge in end May last year, hence its year-on-year increase in June this year would become narrower due to a high base of comparison.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending June 2020 was 0.0%, the same as that for the 3-month period ending May 2020. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were both 0.0%. 

A Government spokesman said that the underlying consumer price inflation rate eased visibly to 1.2% in June, as prices of basic foodstuffs showed a much narrower year-on-year increase against a high base of comparison caused by the surge in pork prices which started in May last year. Meanwhile, price pressures on other major CPI components remained mild.

Looking ahead, overall inflationary pressures will likely recede further in the near term amid austere global and local economic conditions. The Government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.


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