Published:
Hong Kong's inflation surged to 6.9% in July
Here's the main culprit.
According to BBVA Research, Hong Kong’s July inflation surges on base effects, to 6.9% y/y (consensus: 4.9% y/y) in July, up from 4.1% in June.
Here's more:
The spike was mainly due to the effect of expiring one-off government relief measures, in particular the exemption of public housing rentals. Excluding these effects, inflation edged up only slightly, to 4.2% y/y in July (versus: 4.0% y/y in June).
We expect inflation to average 4.2% in 2013, led by rising housing costs. The inflation outturn follows better-than-expected Q2 GDP (3.3% y/y) released last Friday.
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