Consumer Price Indices for May 2020

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June 22, 2020 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today (June 22) the Consumer Price Index (CPI) figures for May 2020. According to the Composite CPI, overall consumer prices rose by 1.5% in May 2020 over the same month a year earlier, smaller than the corresponding increase (1.9%) in April 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 May 2020 was 1.9%, smaller than that in April 2020 (2.3%). The smaller increase in May was mainly due to the smaller increases in the prices of pork and fresh vegetables, as well as private housing rentals. 

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period ending May 2020 was 0.0%, and the corresponding rate of change for the three-month period ending April 2020 was 0.6%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were 0.0% and -0.1%.

A Government spokesman said that the underlying consumer price inflation rate went down further to 1.9% in May. Prices of basic foodstuffs showed a narrower year-on-year increase as the impact of the surge in pork prices which started in May last year began to wane. Price pressures on many other major CPI components also receded.

Looking ahead, inflation should continue to ease in the near term, as both external and domestic price pressures are expected to abate further amid subdued economic conditions, and food inflation is set to recede visibly against a high base of comparison. The Government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.