January 23, 2008

Hong Kong faces pork price inflation
 

On Tuesday (January 22, 2008), official figures revealed that Hong Kong's inflation rate rose to 3.8 percent year-on-year in December, up from a rate of 3.4 percent recorded in November.

The figures also showed that pork price has increased by 42.9 percent year-on-year.

A government spokesman said the higher year-on-year increase was due mainly to a rise in pork prices. Price of the staple meat has rocketed in recent months, as Hong Kong struggles to get sufficient pork supply from China, which is also witnessing unprecedented demand.

For the entire 2007, composite consumer price was 2.0 percent higher than the preceding 12-month period.

The spokesman said global food inflation, increased oil prices and weakening of the US dollar would continue to pose threats of inflation.