2% INFLATION IN MAY

Overall consumer prices rose 2% in May year-on-year, slightly smaller than the 2.1% increase in April, the Census & Statistics Department announced today.

Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 1.8%, the same as that in April. 

Compared with May last year, price increases were seen in alcoholic drinks and tobacco, electricity, gas and water, clothing and footwear, meals out and takeaway food, miscellaneous services, transport, miscellaneous goods, housing and basic food.  

On the other hand, compared to the same period last year, a decrease in durable goods was recorded.

The Government said the underlying consumer price inflation held steady at a moderate level of 1.8% in May.

It noted that prices of energy-related items continued to increase sharply year-on-year, and those of clothing and footwear as well as meals out and takeaway food rose visibly.

Price pressures on other major components of the Composite Consumer Price Index remained broadly in check.

Overall inflation should stay moderate in the near term. While domestic cost pressures may increase alongside the economic recovery, external price pressures will likely see some moderation, the Government added. 

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