23.01.201804:35:00UTC+00Hong Kong Inflation Rises As Expected In December

Hong Kong's consumer price inflation accelerated for the third straight month in December, in line with expectations, figures from the Census and Statistics Department showed Tuesday.

The consumer price index climbed 1.7 percent year-over-year in December, slightly above the 1.6 percent increase in November. The measure has been rising since March.

The underlying inflation, which excludes one-off relief measures of the government, also rose to 1.7 percent from 1.6 percent.

Housing costs grew 2.5 percent annually in December and transport costs went up by 1.7 percent. Meanwhile, prices of durable goods dropped 1.4 percent.

For 2017 as a whole, the composite CPI was on average 1.5 percent higher than that in the preceding 12-month period.

"Looking ahead, inflation pressure should remain moderate in the near term, considering the still-modest global inflation and steady rises in local costs," a government spokesman said.

"Nevertheless, going further ahead, inflation pressure may increase somewhat if the global economic upturn continues and the local economy sustains notable growth."