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HK's Consumer Prices Rise 3.1% in November

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Hong Kong's consumer prices in November rose 3.1 percent over the same month last year, the Census and Statistics Department of Hong Kong said on Monday.

The department noted headline inflation rose because the one-off effect of the government's payment of public housing rents dissipated.

It said underlying inflation fell to 5.6 percent mainly reflecting the fall-off of energy prices and tapering of food-price inflation.

The underlying inflation rate is expected to fall further as price pressures have been receding amid the weak demand conditions, both externally and locally.

(Xinhua News Agency December 23, 2008)