Consumer prices rocket 3.7% in December

Mirroring the November data.

According to the Census & Statistics Department, overall consumer prices rose by 3.7% year on year in December, matching November's figure.

After netting out the effects of the Government's one-off relief measures, the year-on-year rate of increase in the Composite Consumer Price Index in December was 3.8%, also matching November's figure.

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for October-December was 1.2%, and for September-November it was 1.3%.

Netting out the effects of the Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for October-December was 0.3%, and that for September-November was 0.4%.

Year-on-year increases in prices were recorded in December for housing (5.1%); food (excluding meals bought away from home) (4.3%); meals bought away from home (4.3%); electricity, gas and water (4.1%); clothing and footwear (3%); miscellaneous services (3%); transport (2.1%); and miscellaneous goods (1.5%).

A year-on-year decrease in prices was recorded for durable goods (-2%).

The department said inflationary pressures are still likely to be largely contained in the near term, given the recent moderate increase in import prices and the economy's sub-par performance.

However, international food and commodity prices' volatility amid the global liquidity glut, coupled with the pick-up in local housing rentals since the early part of 2012, may pose some upside risks to inflation.

The Government will continue to monitor the inflation situation, particularly its impact on lower-income people.