(San Francisco, CA ) According to the Census and Statistics Department of the Hong Kong Special Administrative Region Government, Hong Kong’s overall consumer prices rose by 1.3% in July 2010 over the same month a year earlier, smaller than the corresponding 2.8% increase in June 2010, as affected by the Government’s payment of public housing rentals in July 2010.

(San Francisco, CA ) According to the Census and Statistics Department of the Hong Kong Special Administrative Region Government, Hong Kong’s overall consumer prices rose by 1.3% in July 2010 over the same month a year earlier, smaller than the corresponding 2.8% increase in June 2010, as affected by the Government’s payment of public housing rentals in July 2010.

Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite Consumer Price Index (CPI) (i.e. the underlying inflation rate) in July 2010 was 1.9%, larger than that in June (1.7%), mainly due to the enlarged increases in the prices of food (excluding meals bought away from home) and private housing rentals.

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period from May to July 2010 was -0.5%, which compared to 0.1% for the three-month period from April to June 2010. Netting out the effects of all Government’s one-off relief measures, the average monthly rate of change in the Composite CPI for the three-month period from May to July 2010 was 0.1%, the same as that for the three-month period from April to June 2010.

A Government spokesman says that headline consumer price inflation went down notably in July, due to the Government’s provision of two-month payment for public housing tenants which started in July. Netting out the effect of all the Government’s one-off measures, underlying consumer price inflation on a year-on-year basis went up slightly in July amid an on-going broadly-based economic recovery.

The spokesman adds that looking ahead, the economy will continue to face some upward price pressures from both the domestic and external fronts. The increases in private housing rentals and food prices will pose upside risks to inflation. Nevertheless, the sustained productivity growth in the economy should help to alleviate part of the domestic cost pressures

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