Hong Kong: Inflation Eased To 5.7% In August
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Inflation in Hong Kong eased in August. Headline consumer price index (CPI) rose by 5.7% compared to a year ago, falling from 7.9% rise in July. Excluding the effect of government one-off relief measures, the core inflation was 6.3% yoy, which is higher than 5.8% yoy in July.
The devil is in the detail here. Last month, we have already flagged that when you look at the actual consumer price index instead of the year-on-year changes of consumer prices, CPI has fallen slightly in July compared to June. This month, the actual CPI has fallen even further. On a month-on-month basis, CPI has fallen by 2.1% in August after falling by 0.2% in July. As the government press release also pointed out, the three-month moving average of the month-on-month CPI inflation was –0.6%, while netting government relief measures, the moving average was 0.5%, unchanged from previous month.
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