Hong Kong Inflation Eases Further To 1.9%

(RTTNews) - Hong Kong's consumer price inflation eased slightly for the second straight month in June, in line with expectations, data released by the Census and Statistics Department showed on Thursday.

The consumer price index, or CPI, climbed 1.9 percent year-over-year in June, slightly slower than the 2.0 percent increase in May.

Utility costs alone grew 13.3 percent annually in June, but this was weaker than the 16.6 percent surge in the prior month.

Costs for clothing and footwear were 5.7 percent more expensive. Food prices showed an increase of 2.4 percent.

Netting out the effects of all the government's one-off relief measures, the underlying inflation also eased somewhat to 1.7 percent from 1.8 percent.

The average monthly rate of increase for the 3-month period ending in June was 0.1 percent.

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

"While domestic business cost could face some upward pressures alongside the economic recovery, it is likely to remain largely moderate in the near term. The Government will continue to monitor the situation."