|HK consumer prices leap 6.9pc in July
Hong Kong's consumer prices increased in July, rising by 6.9 percent from a year ago. The rise in price increases was greater than the 4.1-percent growth in June, the Census and Statistics Department said today.
The Composite CPI increased largely due to the low base of comparison arising from the payment of public housing rents in July last year.
Excluding one-off relief measures, the year-on-year rate of increase in the underlying inflation rate in July 2013 was 4.2 percent, compared with 4 percent in June.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three months from May to July 2013 was 0.2 percent. From April to June prices inched up 0.3 percent.
For the first seven months of the year, prices gained by 4.3 percent over a year back.
Underlying inflation is likely to rise in the coming months, mainly due to the lagged effects of the rise in private housing rentals during 2012, a government spokesman said.
But the subdued imported inflation and the milder increases in fresh-letting residential rentals in the first half of 2013 should help contain inflation in the latter part of this year, he added.