ECONOMY | Staff Reporter, Hong Kong

Hong Kong's consumer prices up 2%

Inflation pressure should be under control in the near term.

Overall consumer prices rose 2% year-on-year in May, the Census & Statistics Department said.

Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 2.0%, same as the previous month.

Year-on-year price increases were recorded in May for housing, meals bought away from home, transport, miscellaneous goods, food (excluding meals bought away from home), miscellaneous services as well as alcohol and tobacco.

Year-on-year price decreases were recorded for durable goods, clothing and footwear as well as electricity, gas and water.

The department said consumer price inflation stayed moderate in May as external price pressure was limited and the steady increase in local costs continued.

Looking ahead, inflation pressure should stay under control in the near term and the Government will monitor inflation, particularly its impact on lower-income people, it added.

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