Hong Kong: Inflation inches up in September
October 22, 2012
Annual inflation inched up from 3.7% in August to 3.8% in September. The reading defied market expectations of a 3.6% rate. According to the statistical institute, higher prices for housing and food drove the increase. Annual average inflation, however, eased from 4.7% in August to 4.6% in September, the lowest level since September 2011. A government spokesman stated that "the austere economic environment and more moderate increases in import prices should help to contain inflation in the rest of the year. Nonetheless, the volatility of food and commodity prices amid abundant global liquidity is an area to watch over".