ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer prices declined 0.4% year-on-year in August, a smaller drop compared to July’s 2.3% fall. Meanwhile, the trend pointed down, with annual average inflation coming in at 1.6% in August (July: 1.9%).

Detailed explanation-2: -Hong Kong inflation rate for 2020 was 0.25%, a 2.63% decline from 2019.

Detailed explanation-3: -File photo. Hong Kong’s inflation rate for last December rose to 2 percent from 1.7 percent the month before, with the overall inflation rate standing at 1.9 percent for the whole year of 2022.

Detailed explanation-4: -Over the 12 months ended August 2020, the Consumer Price Index for All Urban Consumers increased 1.3 percent.

Detailed explanation-5: -For 2022 as a whole, the underlying consumer price inflation rate averaged 1.7%. Going forward, external price pressures should remain notable, though there will likely be some moderation. Domestic cost pressures may increase alongside the expected improvement in local economic activities.