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People's Daily Online>>China Business

Higher rents push up HK inflation

(Shanghai Daily)

09:56, November 23, 2011

Christmas decoration is displayed at a shopping mall in Hong Kong yesterday.

Hong Kong's inflation increased more than economists expected in October as higher rents pushed up prices.

Consumer prices rose 5.8 percent from a year earlier, the same pace it expanded at in September, the government said on its website yesterday.

Housing rents are still at an "elevated" level as the average prices in August through October rose 11 percent from a year earlier to HK$20.5 (US$2.63) per square foot, according to Centaline Property Agency.

The government cut this month its 2011 inflation forecast to 5.2 percent from the estimate in August of 5.4 percent.

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