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Consumer Prices Rise 2.5% Year-on-Year in August 2024, Underlying Inflation Remains Steady

HK

Consumer Prices Rise 2.5% Year-on-Year in August 2024, Underlying Inflation Remains Steady
HK

HK

Consumer Prices Rise 2.5% Year-on-Year in August 2024, Underlying Inflation Remains Steady

2024-09-20 16:30 Last Updated At:09-22 13:36

Consumer Price Indices for August 2024

The Census and Statistics Department (C&SD) released today (September 20) the Consumer Price Index (CPI) figures for August 2024. According to the Composite CPI, overall consumer prices rose by 2.5% in August 2024 over the same month a year earlier, the same as that in July 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 August 2024 was 1.2%, also the same as that in July 2024.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending August 2024 was 0.6%, the same as that for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.2%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.2% and 1.9% respectively in August 2024, as compared to 3.1%, 2.3% and 2.0% respectively in July 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 1.1%, 1.2% and 1.3% respectively in August 2024, as compared to 1.0%, 1.2% and 1.4% respectively in July 2024.

On a seasonally adjusted basis, for the 3-month period ending August 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.8%, 0.5% and 0.4% respectively, same as those for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively, and the corresponding rates of increase for the 3-month period ending July 2024 were all 0.2%.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in August 2024 for alcoholic drinks and tobacco (20.8%), electricity, gas and water (4.8%), housing (3.3%), transport (2.8%), meals out and takeaway food (2.4%), miscellaneous services (2.2%), miscellaneous goods (0.9%), and basic food (0.8%).

On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in August 2024 for clothing and footwear (-1.8%), and durable goods (-0.9%).

Taking the first 8 months of 2024 together, the Composite CPI rose by 1.8% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.1% and 1.3% respectively.

For the 3 months ending August 2024, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.7%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.3% respectively.

For the 12 months ending August 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.1%, 1.2% and 1.5% respectively.

Commentary

A Government spokesman said that underlying consumer price inflation remained modest in August. Prices of meals out and takeaway food increased at a moderated pace over a year earlier, and those of basic food inched up further. Prices of energy-related items continued to show visible decline. 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 moderate upward pressures as the Hong Kong economy continues to grow. External price pressures should moderate further in broad terms, though geopolitical tensions may pose uncertainties. The Government will continue to monitor the situation.

Further information

The CPIs and year-on-year rates of change at section level for August 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).

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow

Outdoor music carnival "ImagineLand 2025", the highlight programme of the Hong Kong Pop Culture Festival 2025 (PCF), is being held today and tomorrow (April 5 and 6) from noon to 10pm at the Hong Kong Cultural Centre (HKCC) Piazza, the Central Lawn & Event Trellis of Salisbury Garden, and the Avenue of Stars free of charge. Today's (April 5) carnival has attracted many citizens and tourists to watch and participate in its performances and activities.

The PCF is organised by the Leisure and Cultural Services Department (LCSD), and one of the programmes, "ImagineLand 2025", is supported and sponsored by the Cultural and Creative Industries Development Agency. The Carnival features both daytime and evening programmes. "Go Beyond Concert", "Comics Fun Experience Gallery" and "Funarts Corner" are available during the day, whereas film programme "Movie Under the Stars" will be held at night.

"Go Beyond Concert", curated by veteran music professionals Dr Wong Chi-chung, Chiu Tseng-hei and Vicky Fung, together with young jazz musician Alan Kwan as guest curator, showcases three stages at the Hong Kong Cultural Centre Piazza, namely the Forest Stage, Grove Stage and Seed Stage, featuring over 35 musicians and artists from Hong Kong and eight countries and regions to perform mesmerising popular songs and original works. Today's performances at the Forest Stage featured local pop singers such as Ivana Wong, Joey Tang, Cloud, Ashley Lin, and overseas artists including Didirri from Australia, Sunwoojunga from Korea and more. The Grove Stage showcased performances of different musical styles including electronic, jazz, and rap, while the Seed Stage featured energetic performances by young musicians, filling the Piazza with a multicultural atmosphere.

Tomorrow's (April 6) performances are also unmissable. The line-up includes erhuist and film composer Wan Pin Chu, the winner of Best Original Music of the 18th Asian Film Awards Ceremony, who will share the stage with renowned local singer-songwriter Yatfung and a cappella group Boonfaysau. Local band Pandora and visiting music groups or musicians, including Naked Feel (the Mainland and Ukraine) , Mathis Picard Trio (France, the United States and the United Kingdom), Invisible Architecture (the United States) and Tomoaki Baba (Japan), will also perform on stage, which should not be missed.

"Comics Fun Experience Gallery" is now on display featuring Hong Kong comics and animation from different eras and popular characters including Old Master Q, Sau Nga Chun, Ngau Chai and Father from Myboy, Din Dong, Tai Ma Shing, and more to highlight the creativity of local artists. There are themed photo spots where iconic props and fiberglass comic characters are set up for visitors to take pictures with their favourite characters. The exhibition will continue at the HKCC until May 7, and then move to Event Space 1.1, VESSEL, Kwun Tong, for display from May 10 to 29.

There is a "Funarts Corner" with yarn spinning, paper fan imprinting, a joyful caricature studio, sound healing and music instrument workshops. Visitors can explore and experience Hong Kong's pop culture in many different ways through the workshops that blend art, music, and crafts.

"Movie Under the Stars" will be staged at 8pm on both evenings. "Table For Six" (2022) will be screened tonight and "Forbidden City Cop" (1996) on April 6. Audiences can enjoy local comedies while relaxing on the outdoor lawn.

This year, the LCSD presents the third Hong Kong Pop Culture Festival, themed "More Than Joy". Humour has been a trendsetter in Hong Kong's pop culture scene. The Festival features a diverse range of formats including stage performances, film screenings, thematic exhibitions, and library and outreach activities. Offering insight into the multifaceted development of Hong Kong's pop culture along the line of "happiness", the Festival brings audiences not only joy and laughter but also an opportunity to appreciate how pop culture can be transmitted and transformed, and how integration and breakthroughs are possible. For more information, please visit www.pcf.gov.hk/en.

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow  Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow  Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow  Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow  Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow  Source: HKSAR Government Press Releases

Hong Kong Pop Culture Festival's outdoor music carnival "ImagineLand 2025" to be held today and tomorrow Source: HKSAR Government Press Releases

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