21 Jun '11, 10am

HK inflation hits 3-year high

HONG KONG: Hong Kong said Tuesday its inflation hit 5.2 per cent year-on-year in May, its highest level since July 2008, and warned that prices will continue to go up due to soaring food costs and housing rents. The rate was up from 4.6 per cent in April, the Census and Statistics Department said in a statement, the highest since July 2008 when inflation jumped 6.3 per cent. The hike was driven largely by rises in the cost of alcoholic drinks and tobacco, up 19.8 per cent, food (10.1 per cent) and housing (6.1 per cent). A government spokesman said inflation "is likely to go up further in the coming months", due to price pressures from both external and domestic factors. "The rising inflation in Hong Kong has to be viewed against the background of elevated global food and commodity prices amid abundant liquidity and the continued robust expansion of the local economy," the...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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