2018.02.2205:12:00UTC+00Hong Kong Inflation Remains Stable In January

Hong Kong's consumer price inflation held steady at the start of the year, figures from the Census and Statistics Department showed Thursday.

The consumer price index climbed 1.7 percent year-over-year in January, the same rate of increase as in December.

Meanwhile, economists had expected the inflation to accelerate slightly to 1.8 percent.

The measure has been rising since March last year.

The underlying inflation, which excludes one-off relief measures of the government, also remained stable at 1.7 percent.

Utility costs surged 10.2 percent annually in January and prices of clothing and footwear grew by 2.6 percent. Meanwhile, prices of durable goods dropped 1.6 percent.

"Looking ahead, inflation pressure may increase slightly in the rest of the year amid a stronger global economy and continued expansion of the local economy," a government spokesman said.

"For February, the year-on-year increased in the CPIs are likely to see a temporary pick-up due to the distortions caused by the difference in timing of the Lunar New Year."