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HK's inflation gains by a slower 5.7%
Source: Bloomberg News |
December 21, 2011, Wednesday
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Print Edition
Print Edition
HONG Kong's inflation slowed in November on reduced gains in pork prices and the city's moderating economic growth.
Consumer prices rose 5.7 percent from a year earlier, the government said on its website yesterday. That compares with the 5.8 percent gain in October and the median 5.6 percent estimate in a Bloomberg News survey of 11 economists.
Inflation will "gradually recede" because of a decline in global food prices and moderating growth, the Hong Kong Monetary Authority said in a report last week.
An increase in consumer costs may remain "notable in the near term" from an earlier surge in private rentals, the government said last month.
Donna Kwok, an economist at HSBC Holdings Plc in Hong Kong, said before the data: "With food and commodity prices continuing to moderate, and the volatility in global trade starting to spill over into the economy, price pressures in Hong Kong are finally starting to ease,"
Global food costs declined for a fifth month in November, according to the Rome-based United Nations Food and Agriculture Organization.
Hong Kong's government said yesterday that pork prices rose at a slower pace in November.
The average private housing rents slid 2 percent in the three months ended November from the previous quarter to HK$20.1 (US$2.58) per square foot, down from a record high of HK$20.6 in the period ended September, Centaline Property Agency said yesterday, citing a survey of 85 major residential estates.
Excluding distortions from temporary government subsidies, the underlying inflation rate was 6.4 percent last month, unchanged from the October's record level, the government said.
Hong Kong's economic growth may slow to 4 percent in 2012 from an estimate of 5.7 percent this year, according to the International Monetary Fund.
Consumer prices rose 5.7 percent from a year earlier, the government said on its website yesterday. That compares with the 5.8 percent gain in October and the median 5.6 percent estimate in a Bloomberg News survey of 11 economists.
Inflation will "gradually recede" because of a decline in global food prices and moderating growth, the Hong Kong Monetary Authority said in a report last week.
An increase in consumer costs may remain "notable in the near term" from an earlier surge in private rentals, the government said last month.
Donna Kwok, an economist at HSBC Holdings Plc in Hong Kong, said before the data: "With food and commodity prices continuing to moderate, and the volatility in global trade starting to spill over into the economy, price pressures in Hong Kong are finally starting to ease,"
Global food costs declined for a fifth month in November, according to the Rome-based United Nations Food and Agriculture Organization.
Hong Kong's government said yesterday that pork prices rose at a slower pace in November.
The average private housing rents slid 2 percent in the three months ended November from the previous quarter to HK$20.1 (US$2.58) per square foot, down from a record high of HK$20.6 in the period ended September, Centaline Property Agency said yesterday, citing a survey of 85 major residential estates.
Excluding distortions from temporary government subsidies, the underlying inflation rate was 6.4 percent last month, unchanged from the October's record level, the government said.
Hong Kong's economic growth may slow to 4 percent in 2012 from an estimate of 5.7 percent this year, according to the International Monetary Fund.
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