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Financial News: Hong Kong Inflation Lowest In 4 Months

Hong Kong Inflation Lowest In 4 Months

10/22/2019 - 07:20:00 (RTTNews)

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

The consumer price index rose 3.2 percent year-on-year in September, slower than 3.5 percent increase in August.

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

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

The smaller increase in inflation in September was mainly due to dissipation of the effect of upward adjustment in public housing rentals in September 2018 and decreases in prices of fresh vegetables, the agency said.

Prices for food grew 6.0 percent annually in September and those of housing rose 3.2 percent. Transport costs rose 2.1 percent.

Meanwhile, prices for electricity, gas and water, and clothing and footwear declined 5.6 percent and 1.8 percent, respectively.

"Looking ahead, overall price pressures should remain contained along with subdued local economic conditions and further easing of imported inflation," a government spokesman said.

"Yet, the inflation rate may stay somewhat elevated in the near term given the supply situation of fresh pork."

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