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Financial News: Hong Kong Inflation At 3-year High

Hong Kong Inflation At 3-year High

09/20/2019 - 07:33:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation rose unexpectedly in August to its highest level in three years, data from the Census and Statistics Department showed on Friday.

The consumer price index rose 3.5 percent year-on-year in August, following a 3.3 percent increase in July. Economists had expected a 3.1 percent rise.

The latest inflation rate was the highest since August 2016, when prices rose 4.3 percent.

Excluding the effects of all government's one-off relief measures, inflation was 3.4 percent in August versus 3.2 percent in the preceding month.

Food prices grew 6.3 percent annually in August, while prices of electricity, gas and water declined 5.2 percent. Housing cost grew 3.9 percent

The climb in headline inflation in August was mainly due to an accelerated increase in pork prices amid continued disruptions to the supply of fresh pork, a government spokesman said.

"Looking ahead, modest global inflation and sluggish local economic growth should continue to help contain overall inflation," the spokesman said.

"Yet, food inflation will probably stay elevated in the near term due to high prices of fresh pork."

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