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Hong Kong's CPI growth dips to 1.8% in October

(Xinhua)
Updated: 2008-11-21 11:43

Hong Kong's year-on-year consumer price growth drop to 1.8 percent in October mainly due to the government's relief measures, the Census and Statistics Department of Hong Kong said Thursday.

Related readings:  Hong Kong's CPI growth dips to 3 pct in Sept

The department said underlying inflation dropped to 5.9 percent, mainly reflecting the tapering of food and energy price inflation.

With international commodity prices retreating and the US dollar strengthening, inflationary pressures from the external front are receding, the department said. These factors, coupled with the slowdown in domestic demand and the Hong Kong government's relief measures, should lead to progressive easing in inflation.

Food prices, excluding meals bought away from home, recorded a 14.9 percent year-on-year increase, with the price of rice rising by 55.1 percent, beef by 28 percent, poultry by 23.3 percent, edible oils by 23.2 percent and pork by 20.1 percent.

For the first 10 months, the composite consumer price index rose 4.6 percent year on year.