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Hong Kong inflation reaches 35-month high

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by Kay Mitchell
”Hong

Hong Kong’s inflation has hit a 35-month high, driven by food prices and rising housing costs.

According to the Census and Statistics Department, the consumer price index hit an almost three-year high of 5.6% in June on annual basis.

The rate is the highest since July 2008 and is up from 5.2% in May.

The rate has been fuelled by surging property prices, which are up 12% this year, while food costs rose 7.2% in June, from May’s 7%.

The figures come as inflationary pressures are rife in Asia, and throughout the world, and many central banks have opted to hike interest rates to combat rising prices.

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News posted: July 22, 2011

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Tags: 35-month high, Census and Statistics Department, consumer price index, , Hong Kong, housing costs, ,

 

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