Hong Kong's inflation records a modest 1.1 percent gain in August

Hong Kong's overall inflation saw a modest 1.1 percent growth in August, meeting market expectations, official data showed. 

The rise in the consumer price index also slightly outperformed a 1 percent rise in July.

The Census and Statistics Department expects the overall inflation to remain modest in the near term.

Netting out the effects of all the government's one-off relief measures, the underlying inflation rate was 1.1 percent last month, also slightly larger than that in July.

Among the various components, a 2.5 percent year-on-year rise in prices was recorded for transport in August, followed by a 1.8 percent gain in alcoholic drinks and tobacco prices and a 1.7 percent hike in housing.

On the other hand, the costs for durable goods fell by 3.1 percent last month, and that for clothing and footwear also declined 2.8 percent. 

A government spokesman said price pressures on various major components remained generally contained in August.