Hong Kong's CPI up 4.5 pct in August

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Hong Kong's overall consumer prices rose 4.5 percent in August over a year earlier, narrowing from an increase of 6.9 percent in July, the Census and Statistics Department announced Monday.

The larger increase in July was attributable to the low base of comparison arising from the government's payment of public housing rentals in July 2012, and such effect did not come into play in August.

Netting out the effects of all government's one-off relief measures, the underlying inflation rate in August was 4.3 percent, slightly larger than July's 4.2 percent rise, mainly due to the increases in private housing rentals, as well as the prices of salt-water fish and charges for package tours.

A government spokesman expected the underlying inflation to be subject to modest upside risks in the near term, mainly due to the lagged effects of the notable rise in private housing rentals during 2012.

Nonetheless, imported inflation remained benign and the increases in fresh-letting residential rentals have moderated recently. These developments should help contain inflation further down the road, the spokesman said.

• Eurozone's CPI down to 1.3 pct in August
• China's CPI grows 2.7% in July
• Cost of the good life rises slowly
• China's farm produce prices retreat last week
• Headwinds may buffet economic growth
• China's inflation grows 2.7% in June

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