Hong Kong’s inflation rises by 2.1% in April 2023

May 30, 2023

The Census and Statistics Department (C&SD) released the Consumer Price Index (CPI) figures for April 2023 in Hong Kong. According to the Composite CPI, overall consumer prices rose by 2.1% in April 2023 over the same month a year earlier, larger than the corresponding increase (1.7%) in March 2023. The larger increase was mainly attributable to the lower ceiling of rates concession in April 2023 when compared with the same month in last year. Netting out the effects of this and other Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in April 2023 was 1.8%, slightly larger than that in March 2023 (1.7%).

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending April 2023 was 0.0%, and that for the 3-month period ending March 2023 was 0.1%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of change were 0.0% and 0.1%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.2%, 2.0% and 2.1% respectively in April 2023, as compared to 1.7%, 1.6% and 1.9% respectively in March 2023. 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%, 1.7% and 1.8% respectively in April 2023, as compared to 1.7%, 1.6% and 1.9% respectively in March 2023.

On a seasonally adjusted basis, for the 3-month period ending April 2023, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.0%. The corresponding rates of change for the 3-month period ending March 2023 were 0.1%, 0.1% and 0.2% 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 April 2023 were all 0.0%, and the corresponding rates of change for the 3-month period ending March 2023 were all 0.1%.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in April 2023 for alcoholic drinks and tobacco (18.2%), electricity, gas and water (17.8%), clothing and footwear (6.4%), meals out and takeaway food (4.2%), miscellaneous services (2.3%), transport (2.2%), miscellaneous goods (0.8%), and housing (0.5%).

On the other hand, year-on-year decrease in the component of the Composite CPI was recorded in April 2023 for durable goods (-3.3%).

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

Taking the first 4 months of 2023 together, the Composite CPI rose by 2.0% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.9% and 2.0% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.9%, 2.0%, 1.7% and 1.9% respectively.

For the 3 months ending April 2023, the Composite CPI rose by 1.8% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 1.7% and 1.9% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.7%, 1.7%, 1.6% and 1.8% respectively.

For the 12 months ending April 2023, 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%, 1.8% and 1.9% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.8%, 1.9%, 1.7% and 1.9% respectively.

Source: Census and Statistics Department (C&SD) Hong Kong
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