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According to official figures, Macao is avoiding skyrocketing global inflation

The government says the city experienced inflation of less than one percent across 2023 – far lower than the global average of almost seven percent.

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PUBLISHED

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Less than 1 minute Minutes

UPDATED: 29 Jan 2024, 8:11 am

Official figures show Macao’s overall inflation rate averaged just 0.94 percent across 2023, a striking contrast to much of the world – though it’s higher than the 0.2 percent China has officially reported.

The global average for inflation was 6.9 percent, sparking cost-of-living crises in many countries. But very low inflation brings problems, too, indicating sluggish demand for goods and services, which slows economic growth.

Macao’s 2023 inflation rate dropped by 0.10 percent when compared with 2022’s, according to a statement from the Statistics and Census Service. 

[See more: When it comes to petrol prices, Macao’s motorists fare better than our neighbours]

The statement also said that higher prices paid for the likes of dining out, education, clothing and gas had been offset by drops in the cost of rent, transport (mainly airfares) and communication. 

Tuition fees experienced the biggest jump, with people paying 8.24 percent more on average for education services in the city in 2023 than they did the year prior.

The composite consumer price index (the way Macao monitors inflation) for December 2023 was up 0.27 percentage points when compared with November, reaching 1.42 percent.

UPDATED: 29 Jan 2024, 8:11 am

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