Consumer prices rise 1.9% MoM in July

The year-on-year rate of increase in consumer prices was also 1.9%.

Consumer prices rose 1.9% MoM in July, slightly faster than the 1.8% increase in June, data from the Census and Statistics Department (C&SD) showed.

The year-on-year rate of increase in the Composite Consumer Price Index (CPI) in July 2022 was also 1.9%,  after netting out the effects of all Government's one-off relief measures.

Prices particularly rose for electricity, gas and water (+15.1% YoY), clothing and footwear (+6.5% YoY), basic food (+5.0% YoY), meals out and takeaway food (+3.5% YoY), alcoholic drinks and tobacco (+2.0% YoY),  transport (+1.5% YoY), miscellaneous services (+1.4% YoY), durable goods (+1.2% YoY) and miscellaneous goods (+0.5% YoY). 

For households in the relatively low (CPI-A), medium (CPI-B) and relatively high (CPI-C) expenditure ranges, consumer prices rose 1.9% MoM, 1.8% MoM, and 2.0%, respectively.

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 1.9%, 1.8% and 2.0% respectively in July 2022.

Overall, the July Composite CPI or underlying consumer price inflation was "moderate," according to a government spokesperson.

In the near term, the spokesperson said inflation should stay moderate as "domestic cost pressures should continue to be mild."