Hong Kong Inflation Eases To 2.2%

(RTTNews) - Hong Kong's consumer price inflation softened in September after remaining stable in the previous month, data released by the Census and Statistics Department showed on Tuesday.

The consumer price index, or CPI, climbed 2.2 percent year-over-year in September, slower than the 2.5 percent rise in August. Economists had expected the inflation to ease slightly to 2.4 percent.

Food price inflation slowed to 1.0 percent 1.8 percent. Similarly, the annual price growth in transport costs moderated to 1.0 percent 2.8 percent.

On the other hand, clothing and footwear prices dropped 1.6 percent annually in September, and those of durable goods were 0.4 percent lower.

Netting out the effects of all the government's one-off relief measures, underlying inflation slowed to 0.9 percent from 1.2 percent.

The average monthly rate of increase for the 3-month period ending in September was 0.4 percent.

"Looking ahead, overall inflation should stay moderate in the near term," a government spokesman said.

The continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic costs, while external price pressures should ease further, though uncertainties in the external environment remain, the spokesperson added.