Hong Kong's CPI rises 3.1 pct in December

20:56, January 20, 2011      

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Hong Kong's overall consumer prices rose 3.1 percent in December over a year earlier, larger than the corresponding increase of 2.9 percent recorded in November, the Census and Statistics Department of Hong Kong Special Administrative Region government said on Thursday.

The department said the economy is likely to face higher inflationary pressures in the coming months, due partly to the pick-up in import prices amid rising global food and commodity prices, and partly to the gradual building up of domestic price pressures along with the strong pace of economic expansion.

Netting out the effects of all Government one-off relief measures, the year-on-year rate of increase in the Composite Consumer Price Index in December was 2.8 percent, larger than that in November, mainly due to increases in private housing rentals and the cost of meals bought away from home.

Year-on-year price increases were recorded in December for electricity, gas and water at 13 percent, food excluding meals bought away from home at 6.4 percent, clothing and footwear at 3.4 percent.

In the fourth quarter of 2010, the Composite Consumer Price Index rose 2.8 percent over a year earlier. For 2010 as a whole, the index was on average 2.4 percent higher than in the preceding 12-month period.

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