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Financial News: Hong Kong Inflation Accelerates More Than Expected

Hong Kong Inflation Accelerates More Than Expected

07/23/2018 - 06:05:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation accelerated at a faster-than-expected pace in June, data from the Census and Statistics Department showed Monday.

Consumer prices climbed 2.4 percent year-over-year in June, faster than the 2.1 percent rise in May. That was also above the 2.2 percent rise economists had forecast.

Netting out the effects of all Government's one-off relief measures, underlying inflation rose to 2.7 percent from 2.4 percent.

Food prices, excluding meals bought away from home, grew 5.2 percent annually in June and utility costs rose by 3.8 percent. Meanwhile, prices of durable goods dropped 2.1 percent.

"Looking forward, inflationary pressure is expected to intensify slightly in the near term compared to the situation in the first half of the year, reflecting higher global inflation and continued feed-through of earlier rises in fresh-letting residential rentals," a government spokesman said.

"Nonetheless, inflation should stay within a moderate range for 2018 as a whole."

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