Hong Kong consumer prices increased to a three-month high as expected in June, data from the Census and Statistics Department showed Tuesday.
The composite consumer price index climbed 3.1 percent in June from last year, slightly faster than the 3.0 percent increase seen in May. The annual rate came in line with expectations.
In April, prices had risen 2.8 percent, which was the slowest since July 2012. The slight growth in the latest index was mainly due to the enlarged increases in the prices of salt-water fish, the statistical office said.
Prices of utilities jumped 25 percent year-on-year in June and that of food increased 4.2 percent. Housing costs grew 4.3 percent, while transport costs declined 0.3 percent. Prices of clothing and footwear fell 2.6 percent and that of durable goods dropped 5.8 percent.
Netting out the effects of all government’s one-off relief measures, underlying inflation was 2.6 percent in June, the same rate in the previous month.
In the second quarter of 2015, the composite consumer prices grew by 3.0 percent from the previous year and underlying inflation was 2.5 percent. For the first half of 2015, the composite consumer prices increased by 3.7 percent over a year ago and underlying inflation was 2.6 percent.
A government spokesman said, looking ahead, given the mild imported inflation and modest growth pace of the local economy, the pressure on inflation should remain contained in the near term. The government will continue to monitor the inflation developments closely, particularly its impact on the lower-income people.
The material has been provided by InstaForex Company – www.instaforex.com