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Hong Kong's CPI up 3.8% in Sep

Oct. 23, 2012 (China Knowledge) - Hong Kong's composite consumer price index (CPI) increased 3.8% YoY in September, mainly due to the increase in public housing rentals, according to the latest report released by the Census and Statistics Department.

The figure last month was higher than the 3.7% increase in August this year.

Excluding the effects of the government's one-off relief measures, the city's underlying inflation rate rose to 3.9% in September from 3.7% in August.

Food prices in Hong Kong, which took up one-third of the total CPI, climbed 3.4% last month. The prices of housing, which have one-third weight in the total CPI, rose 5.6% YoY. Meanwhile, there were a YoY increase of 5.1% in the prices of meals bought away from home, 2.1% increase in transport, 1.2% increase in miscellaneous services and 2% increase in the prices of clothing and footwear and 3.7% increase in the prices of electricity, gas and water.

The prices of durable goods fell 1.4% YoY in September.

In the first nine months of this year, the composite CPI rose by 4.2% over a year earlier.

The Census and Statistics Department earlier expected Hong Kong's CPI will grow 3.7% YoY in 2012, less than a 5.3% growth it realized in 2011.

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