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Hong Kong's inflation rises to 3.0 pct in May

Xinhua, June 22, 2015 Adjust font size:

Hong Kong's Consumer Price Index (CPI) rose 3.0 percent year-on-year in May, higher than the 2.8- percent rate in April, mainly due to the increasing prices of fresh vegetables, the statistics department said on Monday.

Among the various CPI components, prices for electricity, gas and water jumped 21.9 percent from a year ago, mainly because some households had used up the full amount of government's one-off electricity charge subsidy.

Prices for housing grew 4.2 percent from a year earlier, followed by the prices for food 2.8 percent, the miscellaneous services 1.8 percent and the alcoholic drinks and tobacco 0.2 percent.

On the other hand, prices for durable goods dropped 5.8 percent, followed by the clothing and footwear 3.5 percent.

A government spokesman said given the mild imported inflation and modest growth pace of the local economy, the upside risks to inflation should be limited in the near term. Endi