Hong Kong (CNS) – Hong Kong's overall consumer price index (CPI)rose 5.8 percent, with a 6.4 percent inflation rate clocked in October, revealed the Hong Kong Census and Statistics Department on November 22.
Liquor and tobacco shot up by 19.9 percent, the fastest jump on record for October, followed by foodstuffs with a 11.5 percent rise. The consumer price index (CPI) went up 5.2 percent in the first ten months this year.
The inflation will climb to the peak in the last quarter this year, and in short-term it will stay the same level owing to the aftermath of soaring rental fee in market, said a Hong Kong government spokesman .
The government expressed concerns about low income citizens who are more vulnerable to inflation.
The inflation rate will drop to 6 percent or lower in the first half year 2012, it is predicted, but in the short-term Hong Kong has to bear up under high inflationary pressure, said Hong Kong economist Guan Chaozhao.
