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Financial News: Hong Kong Inflation Lowest In 7 Months

Hong Kong Inflation Lowest In 7 Months

01/21/2020 - 04:09:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased to the lowest level in seven months in December, data from the Census and Statistics Department showed on Tuesday.

The consumer price index rose 2.9 percent year-on-year in December, slower than a 3.0 percent increase in November. Economists had expected the inflation rate to remain unchanged.

The agency attributed the latest slowing in inflation mainly to the smaller increases in local transport fares as well as the costs for meals bought away from home.

The latest inflation was the lowest since May, when it was 2.8 percent.

Netting out the effects of all government's one-off relief measures, core inflation was 2.9 percent in December, same as in the preceding month.

On an average, the consumer price inflation was 2.9 percent in 2019 and the underlying inflation was 3.0 percent.

"While price pressures on most major CPI components stayed modest or moderate, food inflation remained notable amid elevated fresh pork prices," a government spokesman said.

"Looking ahead, mild imported inflation and subdued local economic conditions should help contain overall inflationary pressures in the near term," the spokesman added.

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