HK CPI rises 2.3% in July versus 2.4% in June

    Hong Kong's overall consumer prices rose 2.3% in July over the same month a year earlier, slightly smaller than the corresponding increase of 2.4% in June, according to the Census and Statistics Department.
  Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in July was 2%, also slightly smaller than June's 2.1% rise, mainly due to the enlarged decreases in the prices of women's outerclothing and the smaller increases in private housing rentals.
  A Government spokesman said that inflation pressure remained moderate in July, with the underlying inflation rate easing slightly further, mainly reflecting the smaller year-on-year increase in the private housing rental component. The spokesman commented further that, looking ahead, underlying inflation will likely stay modest in the near term, given the subdued global inflation, continued feed-through of the earlier softening in fresh-letting residential rentals and tame local cost pressure. Nevertheless, the headline inflation rate will likely pick up temporarily in August 2016 on a year-on-year comparison, as the Government's payment of public housing rentals in August last year created a very low base of comparison.