HK's consumer prices rise 5.4% in April
Updated: 2008-05-23 10:55
HONG KONG -- Hong Kong's consumer prices in April rose 5.4 percent over the same month last year, and were up on March's 4.2 percent rise, according to official figures released here Thursday.
The rise was mainly due to the enlarged increases in vegetable prices and the fuel cost variation charge for town gas, said The Census and Statistics Department of the Hong Kong Special Administrative Region government.
The headline inflation rate of 5.4 percent in April was the same as the underlying rate because the effect of the rates concession was offset by a similar relief measure in April last year. April's underlying rate was marginally higher than March's 5.3 percent figure, said the department.
The pick-up in inflationary pressure in recent months was largely due to the upsurge in food prices, which was driven by global food inflation. Sustained strong economic growth also added pressure on prices and costs.
The department said the inflation outlook is uncertain and will hinge much on the movement of food prices in international markets, which are expected to be volatile.
Elevated international oil prices, exchange rate movements and local economic strength are also likely to continue to exert inflationary pressure, said the department.
"Nevertheless, the various relief measures announced in the 2008-09 Budget and sustained labor productivity growth should help cushion inflation," the department said.
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