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Hong Kong's CPI up 6.1% in Jan

Feb. 21, 2012 (China Knowledge) - Hong Kong's consumer price index (CPI), the major gauge of inflation, rose by 6.1% from a year earlier in January 2012, higher than an increase of 5.7% last December, according to statistics released by the Census and Statistics Department.

The CPI for last month was also higher than the median 5.8% rise forecast by five economists at Dow Jones Newswires. In January 2011, CPI increased by 3.4% from a year earlier.

A spokesperson of the department said the CPI growth for January 2012 was principally boosted by the celebration of Chinese New Year, which mainly brought increased consumption of food and tourism.

Hong Kong's inflation rate was 6.7% in January 2012, compared with 6.4% last December and 3.4% in January 2011. Donna Kwok, economist of HSBC Holdings Plc<0005>, said the inflation would ease in the next few months as comparatively weak demand worldwide.

Earlier this month, the Hong Kong government said CPI would rise by 3.5% this year, down from the 5.3% increase in 2011.

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