Sat, 10 Jun 2023

Hong Kong inflation rises 2.1 pct in April

22 May 2023, 20:30 GMT+10

HONG KONG, May 22 (Xinhua) -- Hong Kong's overall consumer prices rose 2.1 percent in April over the same month a year earlier, larger than the 1.7 percent rise in March, official data showed on Monday.

The larger increase was mainly attributable to the lower ceiling of rates concession in April when compared with the same month last year, according to the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government.

A spokesman for the HKSAR government said that the underlying consumer price inflation rate edged up to 1.8 percent in April from 1.7 percent in March.

Prices of energy-related items continued to increase sharply year on year, and those of clothing and footwear as well as meals out and takeaway food rose visibly. Price pressures on other major components remained broadly in check.

Looking ahead, local cost pressures may increase alongside the economic recovery, said the spokesman, adding that overall inflation will likely pick up in the rest of 2023, though remaining largely moderate.

According to an official forecast, Hong Kong's economy will see a visible rebound this year with growth of 3.5 to 5.5 percent for the year as a whole, while its underlying inflation rate and headline inflation rate will rise to 2.5 percent and 2.9 percent, respectively, this year.

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