Hong Kong Inflation Rises To 1.1%

(RTTNews) - Hong Kong's consumer price inflation rose marginally in August after easing to the lowest level in almost four years in July, data released by the Census and Statistics Department showed on Monday.

The consumer price index, or CPI, climbed 1.1 percent year-over-year in August, following a 1.0 percent rise in July.

Inflation based on transportation accelerated to 2.5 percent from 1.4 percent. Housing costs grew 1.7 percent from last year, while the decline in clothing and footwear prices softened to 2.8 percent from 3.4 percent.

Netting out the effects of all the government's one-off relief measures, the underlying inflation in August was also 1.1 percent versus 1.0 percent in July.

On a seasonally adjusted basis, the average monthly rate of change in the 3-month period ending in August was 0.3 percent.

"Looking ahead, pressures from domestic costs and external prices should stay broadly in check, and overall inflation should remain modest in the near term," a government spokesman said.