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Hong Kong Inflation At 4-Month High

Hong Kong consumer price inflation accelerated to a four-month high in May, data published by the Census and Statistics Department showed on Tuesday.

Consumer price inflation rose to 1 percent in May from 0.8 percent in April. This was the highest rate since last January, when prices were up 2.6 percent.

Netting out the effects of all government’s one-off relief measures, the underlying inflation rate came in at 0.2 percent, marginally larger than the 0.1 percent rise in April.

The annual inflation was largely driven by higher costs for meals out and takeaway food and the smaller decreases in fresh vegetable prices.

While external price pressures may intensify somewhat in the near term along with a rise in global inflation, overall inflation should remain largely contained as the local economy is still operating below capacity, a government spokesman, said.

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