Sep. 21, 2012 (China Knowledge) - Hong Kong
's composite consumer price index (CPI) increased 3.7% YoY in August, mainly due to the government's payment of public housing rentals in the month, 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 further fell to 3.7% in August from 4.2% in July.
Food prices in Hong Kong, which took up one-third of the total CPI, climbed 5.2% last month. The prices of housing, which have one-third weightage in the total CPI, rose 5.2% YoY. Meanwhile, there was an increment of 5.2% YoY in the prices for households’ dinning out, 2.1% increase in transport, 1.8% increase in miscellaneous services, 2.8% increase in the prices of clothing and footwear, and 3.6% increase in the prices of electricity, gas and water.
The prices of durable goods fell 1.3% YoY in August.
A government spokesman said the challenging economic environment and the mild import prices may cause inflation is likely to further recede in the short term.