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Hong Kong (AFP) Feb 22, 2011 Hong Kong said Tuesday inflation hit 3.6 percent year-on-year in January, mainly due to climbing food prices amid the Lunar New Year holiday and higher private housing rentals. The figure was up on the 3.1 percent in December, and not including the effect of government relief measures the underlying rate was 3.5 percent, the Census and Statistics Department said in a statement. Underlying consumer prices in the financial hub rose 0.5 percent in the three months to January, compared with a 0.4 percent rise in the October-December period, the department said. A government spokesman said: "The economy will continue to face higher price pressures in the coming months due to sustained rises in global food and commodity prices, higher inflation in the import sources, and also the strong local economic conditions." The spokesman noted the price increases were in line with the Lunar New Year, which fell in early February this year.
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