Hong Kong Inflation At 8-month High
Hong Kong annual inflation unexpectedly accelerated in February for a third consecutive month to its highest level in eight months, figures from the Census and Statistics Department showed Monday.
The consumer price index rose 3.1 percent year-on-year following 2.7 percent increase in January. Economists had forecast a lower figure of 2.6 percent.
The latest inflation figure was the highest since June last year, when it was 3.1 percent.
Excluding the one-off relief measures of the government, core inflation rose to 3.1 percent from 2.6 percent in the previous month. The acceleration was mainly due to the bigger increases in the prices of fresh vegetables, the agency said.
Looking ahead, the upside risks to inflation should remain limited in the near term, as the low global inflation should keep imported inflation tame, while local cost increases will likely be restrained by the subpar economic conditions and retreat in rental cost pressures, a government spokesman said.
The material has been provided by InstaForex Company - www.instaforex.com
