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Financial News: Hong Kong Inflation Accelerates As Expected In May

Hong Kong Inflation Accelerates As Expected In May

06/21/2018 - 06:29:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation accelerated slightly in May, in line with expectations, data from the Census and Statistics Department showed Thursday.

Consumer prices climbed 2.1 percent year-over-year in May, faster than the 1.9 percent rise seen in April.

Netting out the effects of all Government's one-off relief measures, underlying inflation rose to 2.4 percent in May from 2.2 percent in the prior month.

Food prices, excluding meals bought away from home, grew 4.7 percent annually in May and utility costs rose by 3.4 percent. Meanwhile, prices of durable goods dropped 2.3 percent.

"Looking forward, inflationary pressure will likely go up in the period ahead, in view of the robust economic conditions and continued feed-through of earlier rises in fresh-letting residential rentals," a government spokesman said.

"Nevertheless, inflation should stay within a moderate range for the year as a whole."

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