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Financial News: Hong Kong Inflation Rises To 2.1%, Less Than

Hong Kong Inflation Rises To 2.1%, Less Than Forecast

03/21/2024 - 06:58:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation accelerated for the first time in four months in February, though at a slower-than-expected rate, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 2.1 percent year-over-year in February, faster than the 1.7 percent rise in January. Economists had expected inflation to rise to 2.2 percent.

Food inflation quickened to 2.2 percent in February from 1.0 percent in the previous month. Similarly, transport charges rose at a faster pace of 2.3 percent versus a 1.8 percent increase a month ago.

Meanwhile, the annual growth in clothing and footwear prices slowed to 1.3 percent from 3.5 percent. Costs for utilities continued to decline sharply by 7.8 percent.

Netting out the effects of all the government's one-off relief measures, underlying inflation also climbed to 1.2 percent from 0.8 percent.

The average monthly rate of change for the 3-month period ending in February was flat.

"Looking ahead, overall inflation should remain moderate in the near term," a government spokesman said.

"While domestic costs may face some upward pressures as the Hong Kong economy continues to grow, external price pressures should ease further."

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