Hong Kong Inflation Rises More Than Expected To 2.1%

(RTTNews) - Hong Kong's consumer price inflation rose slightly more-than-expected in April after remaining stable in the previous month, data released by the Census and Statistics Department showed on Monday.

The consumer price index, or CPI, climbed 2.1 percent year-over-year in April, faster than the 1.7 percent increase in March.

Utility costs alone grew 17.8 percent annually in April, and those for clothing and footwear were 6.4 percent more expensive. Prices for food and non-alcoholic beverages rose at a faster rate of 2.6 percent.

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

The average monthly rate of increase for the 3-month period ending in April was flat.

"Looking ahead, domestic cost pressures may increase alongside the economic recovery," a government official said.

"Overall inflation will likely pick up in the rest of 2023, though remaining largely moderate."