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Hong Kong Inflation Slows In May

Hong Kong's consumer price inflation slowed in May after rising in the previous month, data from the Census and Statistics Department showed on Friday.

The consumer price index climbed 2.8 percent year-on-year in May, after a 2.9 percent increase in April. Economists had expected inflation to remain same.

Netting out the effects of the government's one-off relief measures, core inflation slowed slightly to 2.8 percent in May from 2.9 percent in the previous month.

Housing prices grew by 4.2 percent annually in May. Meanwhile, prices of electricity, gas and water dropped by 4.9 percent.

"Inflation will likely remain moderate in the near term, in tandem with the easing in fresh-letting residential rentals earlier on and in external price pressures," a government spokesman said.

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