23.06.201406:19:00UTC+00Hong Kong May Inflation Stays At 3.7%

Hong Kong inflation remained unchanged at 3.7 percent in May, the Census and Statistics Department said Monday. Composite consumer prices were forecast to rise 3.9 percent.

Netting out the effects of all government's one-off relief measures, the annual rate was 3.5 percent, also the same as that in April.

Looking ahead, the upside risks to inflation should remain limited in the near term, given the modest rise in import prices, easing rental pressures and steady wage growth, said a government spokesman.

He said the government will monitor the inflation developments closely and stay vigilant to their impact on the lower-income people.

Another report from the statistical office today showed that balance of payment surplus totaled HK$32.2 billion, equivalent to 6.1 percent of GDP, in the first quarter. The surplus fell from HK$44.8 billion in the fourth quarter.

The current account recorded a deficit of HK$6.2 billion in the first quarter, compared with a deficit of HK$1.9 billion in the same quarter of 2013.