Financial News: Hong Kong Inflation Eases To 1.7%

Hong Kong Inflation Eases To 1.7%

(RTTNews) - Hong Kong's consumer price inflation moderated as expected in July to the lowest level in three months, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.7 percent year-over-year in July, slower than June's stable increase of 2.0 percent.

Netting out the effects of all governments' one-off relief measures, the underlying inflation rate also stayed unchanged at 1.9 percent.

Inflation based on transportation softened to 5.1 percent from 5.4 percent, and utility charges also grew at a slower pace of 0.8 percent versus 1.7 percent in June. Clothing and footwear prices rose at a stable pace of 0.7 percent, while the deflation in food items slowed to 0.2 percent from 0.5 percent

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending July was 0.2 percent.

"Looking ahead, the continued feed-through of higher international oil prices to fuel-related components will pose upward pressure on consumer price inflation," a government spokesman said.

"While the lingering geopolitical tensions in the Middle East remain a key source of uncertainty, overall inflation should continue to stay moderate as price pressures on other fronts remain broadly in check."

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