The Census and Statistics Department (C&SD) released today (June 21) the Consumer Price Index (CPI) figures for May 2024. According to the Composite CPI, overall consumer prices rose by 1.2% in May 2024 over the same month a year earlier, slightly larger than the corresponding increase (1.1%) in April 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 May 2024 was 1.0%, also slightly larger than that in April 2024 (0.9%).

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending May 2024 was -0.2%, the same as that for the 3-month period ending April 2024. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of change were 0.1% and 0.0%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.2%, 1.1% and 1.2% respectively in May 2024, as compared to 1.1%, 1.0% and 1.1% respectively in April 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 0.9%, 1.1% and 1.2% respectively in May 2024, as compared to 0.8%, 1.0% and 1.1% respectively in April 2024.

On a seasonally adjusted basis, for the 3-month period ending May 2024, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were -0.3%, -0.2% and -0.1% respectively. The corresponding rates of change for the 3-month period ending April 2024 were -0.3%, -0.2% and 0.0% respectively. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending May 2024 were 0.2%, 0.1% and 0.0% respectively, and the corresponding rates of change for the 3-month period ending April 2024 were 0.1%, 0.0% and 0.1% respectively.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in May 2024 for alcoholic drinks and tobacco (20.1%), meals out and takeaway food (3.0%), transport (2.3%), miscellaneous services (2.2%), miscellaneous goods (1.2%), clothing and footwear (1.1%), and housing (1.1%).

On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in May 2024 for electricity, gas and water (-10.9%), and durable goods (-0.9%).

As for basic food, the Composite CPI in May 2024 remained unchanged over a year earlier.

Taking the first 5 months of 2024 together, the Composite CPI rose by 1.6% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 1.5% and 1.5% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 0.7%, 1.0% and 1.2% respectively.

For the 3 months ending May 2024, the Composite CPI rose by 1.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.6%, 1.3% and 1.3% respectively.  The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 0.8%, 1.0% and 1.2% respectively.

For the 12 months ending May 2024, the Composite CPI was on average 1.9% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.8% and 1.8% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.3%, 1.2%, 1.3% and 1.5% respectively.

Source: Census and Statistics Department -Hong Kong
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