Jul. 24, 2012 (China Knowledge) - Hong Kong
's composite consumer price index (CPI) rose 3.7% YoY last month, lower than the 4.3% increase in May, due largely to slower increases in food prices and private housing rentals, according to the latest report released by the Census and Statistics Department.
Excluding the effects of the government's one-off relief measures, the city's underlying inflation rate fell to 4.5% in June from 5.1% in May.
Food prices in Hong Kong, which took up one-third of the total CPI, climbed 7.1% last month. The prices of housing, which have one-third weight in the total CPI, rose 5.8% YoY. Meanwhile, there were a YoY increase of 5.6% in the prices of meals bought away from home, 2.8% increase in transport, 2.6% increase in miscellaneous services and 3.2% increase in the prices of clothing and footwear but a decline of 18.7% 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 1.6% YoY in June.
In the first six months of this year, the composite CPI rose by 4.7% over a year earlier.
A government spokesman said that inflation is likely to come down in the coming months, given the difficult external economic environment and the deceleration of import prices.