Hong Kong's inflation rises to 3.8% on pork prices
Hong Kong's inflation rate rose to 3.8 per cent year-on-year in December, up from a rate of 3.4 per cent recorded in November.
By Agencies |
HONG KONG: Hong Kong's inflation rate rose to 3.8 per cent year-on-year in December, up from a rate of 3.4 per cent recorded in November, official figures showed on Tuesday.
A government spokesman said the higher year-on-year increase in the composite consumer price index (CPI) during the month was due mainly to a rise in pork prices.
The price of the staple meat has rocketed in recent months, as Hong Kong struggles to get enough supply from the mainland, which is also witnessing unprecedented demand.
According to the figures, pork rose 42.9 per cent year-on-year. Other factors that contributed to higher inflation were higher costs of package tours and increased prices of meals bought away from home.
For 2007 as a whole, the composite consumer price was on average 2.0 per cent higher than in the preceding 12-month period.
The spokesman added: "Looking ahead, the global food inflation, elevated oil prices, weakening of the US dollar and appreciation of the yuan would continue to pose upside risks to inflation.
"The recent upward trend in private housing rentals also deserved monitoring. Yet the sustained labour productivity growth should still provide some cushioning effect to the upward price pressures."
A government spokesman said the higher year-on-year increase in the composite consumer price index (CPI) during the month was due mainly to a rise in pork prices.
The price of the staple meat has rocketed in recent months, as Hong Kong struggles to get enough supply from the mainland, which is also witnessing unprecedented demand.
According to the figures, pork rose 42.9 per cent year-on-year. Other factors that contributed to higher inflation were higher costs of package tours and increased prices of meals bought away from home.
For 2007 as a whole, the composite consumer price was on average 2.0 per cent higher than in the preceding 12-month period.
The spokesman added: "Looking ahead, the global food inflation, elevated oil prices, weakening of the US dollar and appreciation of the yuan would continue to pose upside risks to inflation.
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"The recent upward trend in private housing rentals also deserved monitoring. Yet the sustained labour productivity growth should still provide some cushioning effect to the upward price pressures."
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