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Market Update: Hong Kong Inflation Rate Picks Up to 4-Month High
Hong Kongs annual inflation rate quickened to 1.0 percent year-on-year in May of 2021, from an upwardly revised 0.8 percent gain in the previous month and was the steepest rise in consumer prices since January. Still, the year-on-year rise in the CPI is due to a low base of comparison arising from the government’s payment of public housing rentals and waiver of two-thirds of rent. Netting out the effects of all Government’s one-off relief measures, the year-on-year increase was 0.2 percent, compared to a downwardly revised 0.1 percent in April. Main upward pressure came from electricity, gas and water (32.6 percent); transport (2.5 percent); clothing and footwear (1.6 percent); food, excluding meals bought away from home (1.0 percent); and meals bought away from home (0.9 percent). On the other hand, decreases were recorded for miscellaneous goods (-4.4 percent); housing (-0.7 percent); and alcoholic drinks and tobacco (-0.3 percent). source: Census and Statistics Department, Hong Kong [/s2If]
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