Hong Kong's inflation in May remains unchanged at 3.5%

Hong Kong's year-on-year Consumer Price Index (CPI) in May stayed unchanged at 3.5 percent compared to April this year, netting out the effects of all government's one-off relief measures, the city's statistic department said here on Monday.
Amongst the various CPI components, prices for alcoholic drinks and tobacco rose 8.5 percent in May from a year ago, followed by housing 4.8 percent, electricity, gas and water 3.9 percent, food 3.6 percent and miscellaneous services 2.9 percent.
On the other hand, prices for durable goods fell 3.4 percent last month from a year earlier.
A government spokesman said the underlying inflation rate in May was lower than that of 3.8 percent in the first quarter, indicating that inflationary pressures were contained.
The spokesman expects that the upside risks to inflation should remain limited in the near term, given the modest rise in import prices, easing rental pressures and steady wage growth.