May. 23, 2012 (China Knowledge) - Hong Kong
's composite consumer price index (CPI) rose 4.7% YoY last month, slightly lower than the 4.9% increase in March, according to the latest report released by the Census and Statistics Department.
The department said that the smaller growth was mainly due to the raising ceiling of rates concession from HK$1,500 per quarter for each rateable property to HK$2,500 starting from April 2012.
Excluded the effects of the government's one-off relief measures, the city's underlying inflation rate was steady at 5.6% in April.
Food prices in Hong Kong, which took up one-third of the total CPI, climbed 8.8% last month. The prices of housing, which have one-third weight in the total CPI, rose 7.2% YoY. Meanwhile, there were a Y-o-Y increase of 5.8% in the prices of meals bought away from home, 3.7% increase in transport, 3.4% increase in miscellaneous services and 3.3% increase in the prices of clothing and footwear but a decline of 18.2% in the prices of electricity, gas and water largely as a result of the government's electricity charge subsidy.
The prices of durable goods fell 0.5% YoY in April.
In the first four months of this year, the composite CPI rose by 5.1% over a year earlier.
A government spokesman said that inflation is likely to come down in the coming months as domestic and external price pressures have been receding amid a more difficult economic environment and slower inflation in the region.