HK CPI rises 4.1 pct in January

Hong Kong's overall consumer prices rose 4.1 percent in January over the same month a year earlier, smaller than the corresponding increase of 4.9 percent in December 2014, the Census and Statistics Department said on Monday.

Netting out the effects of all government's one-off relief measures, the year-on-year growth of the Composite Consumer Price Index (CPI), the underlying inflation rate, was 2.3 percent in January, also weaker than December's 3.1 percent rise.

The smaller growth in January was mainly attributed to the higher prices in January last year around the Lunar New Year which led to a higher base of comparison.

A government spokesman said the inflation remained on an easing trend last month. Nevertheless, the visible moderation in the year- on-year rate of Composite CPI was also partly due to the difference in timing of the Lunar New Year, which fell in mid- February this year, but in late January last year.

He noted that, as to the outlook, inflationary pressures should be contained in the near term, as the soft international commodity prices and lower global inflation should keep imported inflation tame, while local cost pressures will likely stay moderate.