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Financial News: Hong Kong Inflation Slows In January

Hong Kong Inflation Slows In January

02/20/2020 - 06:34:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased for the fifth months in a row in January, data from the Census and Statistics Department showed on Thursday.

The consumer price index rose 1.4 percent year-on-year in January, slower than a 2.9 percent increase in December. Economists had expected the inflation rate to remain unchanged.

Excluding the effects of all government's one-off relief measures, core inflation was 3.7 percent in January, following a 2.9 percent rise in the previous month.

The latest rise was mainly due to the enlarged increases in the charges for package tours and prices of pork around the Lunar New Year, the agency said.

"Looking ahead, overall inflationary pressures will likely be contained in the near term, given the mild external price pressures and subdued local economic conditions," a government spokesman said.

"While the threat of the novel corona virus infection may cause prices of certain daily necessities to rise, any disruption should only be temporary."

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