Hong Kong's consumer price inflation eased for the fifth consecutive month in July to the lowest level in eight months, data from the Census and Statistics Department showed Monday.
The consumer price index rose 2.3 percent year-over-year in July, slightly slower than the 2.4 percent climb in June.
The latest rate of increase was the weakest since December 2015, when prices grew the same 2.3 percent.
The underlying inflation, which excludes one-off relief measures of the government, also moderated to 2.0 percent in July from 2.1 percent a month ago.
Housing costs went up 4.2 percent annually in July and costs for miscellaneous services increased by 2.8 percent. On the other hand, clothing and footwear prices fell by 4.8 percent.
"Looking ahead, underlying inflation will likely stay modest in the near term, given the subdued global inflation, continued feed-through of the earlier softening in fresh-letting residential rentals and tame local cost pressure," a government spokesman said.
"Nevertheless, the headline inflation rate will likely pick up temporarily in August 2016 on a year-on-year comparison, as the Government's payment of public housing rentals in August last year created a very low base of comparison. "
"The Government will continue to monitor the inflation developments closely, particularly its impact on the lower-income people."
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