Hong Kong's CPI rises 5.8% in September
Updated: 2011-10-22 15:20
Hong Kong Census and Statistics Department announced on Oct 21 that the overall consumer prices rose 5.8 percent in September year on year, slightly larger than the corresponding increase of 5.7 percent in the month before.
Netting out the effects of all government's one-off relief measures, the year-on-year rate of increase in the Composite CPI, the underlying inflation rate, in September was 6.4 percent, also slightly larger than August's 6.3 percent, mainly due to the enlarged increases in private housing rentals.
A government spokesman commented that inflation is likely to climb up further in the near term before peaking out, as the lagged effects from earlier surges in international food prices and market rentals continue to filter through.
Yet a more positive development has been the continued ease- backs of global food and commodities prices in recent months, which in the course of time should help alleviate imported inflation, the spokesman said.