Hong Kong: Inflation inches up in February
March 22, 2011
In February, consumer prices rose 1.1% over the previous month, well above the 0.6% rise recorded in January. Higher prices for food (+2.1% month-on-month) and housing (+3.9% mom) drove the monthly increase. Annual inflation inched up from 3.6% in January to 3.7% in February, exceeding market analyst expectations that the rate would remain unchanged. As a result, annual average inflation also inched up from 2.6% in January to 2.7%. A government spokesman confirmed that consumer prices are subject to upward pressures in the near term, due to rising food and commodity prices. The government sees inflation averaging 4.5% this year.