(RTTNews) - Monday, a report by Hong Kong’s Department of Statistics said consumer prices rose 3.1% year-on-year in November compared with a 1.8% increase in October. Economists expected consumer prices to rise 2%.

The underlying inflation rate stood at 5.6% in the month, smaller than the 5.9% in October.

Among the sub components of the CPI, the fastest rise of 14.9% was for food, excluding meals bought away from home. This was followed by a 6.5% rise in price of private house renting. On the other hand, the steepest fall in prices of 35.3% was for utilities, followed by a 12.6% fall for public housing rent.

For the three months ended November the consumer price index rose 2.6% year-on-year.

In the twelve months ended November, consumer prices rose 4.4% over the same period in the previous year.

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