Consumer prices data released by the Hong Kong government on Friday has revealed that the territory is at long last emerging from a period of deflation.
According to the government, the Composite CPI fell just 0.1% in June, compared to 0.9% in May. The CPI figures have been on a continuous downtrend since November 1999.
"(The improvement) occurred amid a sustained pick-up in inbound tourism and consumer spending, which had led an increasing proportion of local retailers and service providers to adjust their prices upwards modestly or else to trim the price discounts," the administration said in a statement.
The strongest rise in price was seen in the utilities sector, with gas, water and electricity prices firming by 12.8%. There was also a notable increase in the clothing and footwear sector, where prices rose 10.5%.
However, whilst many believed that private housing rentals had reached a nadir, housing prices continued their long-term slump, falling 6.2% last month.
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