Hong Kong's annual inflation accelerated significantly in August, owing mainly to the difference in timing in respect of the Government's recently implemented payment of public housing rentals, data from the Census and Statistics Department showed Thursday.
Inflation climbed to 3.7 percent in August from 1.6 percent in July. Economists expected a faster growth to to 3.9 percent.
The underlying inflation, after adjusting for the effects of all the one-off relief measures, also was 3.7 percent in August, down from July's 4.2 percent.
Both food prices and housing costs moved up by 5.2 percent each annually during the month, while clothing and footwear prices rose 2.8 percent. Transportation costs were higher by 2.1 percent compared to last year, data showed.
Sequentially, the seasonally adjusted consumer price index decreased 0.7 percent during the three months ended August, unchanged from the rate of fall seen in the preceding period.
by RTT Staff Writer
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