January's consumer prices rose 2 percent from the corresponding month last
year, Hong Kong's Census & Statistics Department said Thursday.
While the rise in housing costs stabilized, the change in price of many
other items, except clothing and footwear, was generally steady in January. Year-on-year falls in charges for package tours and inbound
and outbound transport fares were recorded.
The sustained rise in labor
productivity and the more moderate rise in shop rentals in recent quarters
should render a cushion against the expected pick-up in imported inflation
stemming from a weak U.S. dollar and Renminbi appreciation.
January saw year-on-year rises
in the price of clothing and footwear, up 9.5 percent, housing, up 4.8 percent,
miscellaneous goods, up 2.8 percent, food, excluding meals bought away from
home, up 2.7 percent and meals bought away from home, up 1.5 percent. The prices
of miscellaneous services also rose 0.1 percent.
Year-on-year price
falls were recorded for durable goods, down 6 percent, alcohol and tobacco, down
3.6 percent, electricity, gas and water, down 1.2 percent and transport, down
0.9 percent.
For the quarter ending January, the Composite Consumer Price Index rose 2.1 percent over a year earlier. For
the 12 months ending January, the index was on average 2 percent higher than in
the preceding 12-month period.
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