Chinese Speaking - CPI rise of 1.3% recorded in June

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CPI rise of 1.3% recorded in June
By Lillian Liu
Updated: 2007-07-26 06:53




The Hong Kong consumer price index (CPI) in June was 1.3 percent higher
than in the same period last year, indicating moderate inflation in the
city triggered by growing food prices.

The SAR Census and Statistics Department (CSD) also said the composite
CPI for June increased 1.2 percent compared with May.

"The slight creep up was mainly due to hikes in pork prices as a result
of a supply shortage," said a government spokesman.

In addition to food, year-on-year increases in June were also recorded
for clothing and footwear, meals bought away from home and miscellaneous
services.

Prices for durable goods, alcoholic drinks, tobacco, electricity, gas and
water declined year-on-year in June, the CSD said.

Food prices showed the largest increase, some 4.5 percent, among all
consumer prices, followed by clothing and footwear, which rose 4 percent
and meals bought away from home, which registered a 2 percent jump in
prices.

Durable goods showed a 4.5 percent year-on-year price decrease, while
alcohol and tobacco were 2.4 percent lower.

Rapid growth in labor productivity should provide some cushion against
overall inflationary pressures, the spokesman added.

Analysts say the CPI increase originated from the mainland, the prime
source of many consumer goods in Hong Kong.

Over 90 percent of the pork supply in Hong Kong comes from the mainland,
where the wholesale price of pork has increased dramatically.

The rise in the price of pork and eggs led mainland consumer price
increases, which as a whole jumped 4.4 percent in June.

Pork prices on the mainland increased almost 75 percent in June compared
to the same period last year, largely due to higher feed costs and an
outbreak of a deadly swine ailment called blue-ear disease.


(China Daily 07/26/2007 page15)
















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