Statistics show that inflation rate of Hong Kong in July reached 6.3 percent than the same period of last year, marking the highest level in past 11 years.
Government pointed out that though oil prices eased slightly in the month, they are still on the higher side than that of July 2007.
Among all products, the prices of clothes and shoes increased by 1.4 percent. However, prices of durable goods alone recorded a decline of 1 percent.
Experts say that the outlook of the inflation for the rest of the year is rather uncertain.
They believe that inflation pressure is expected to be relieved by the improvement in labor productivity and the expected slowdown in the rate of economic growth in the period ahead.
In addition, the headline inflation will be lowered notably by the relief measures announced in Hong Kong Special Administrative Region (SAR) Government's 2008-09 Budget and by the Chief Executive in July.
Fibre2fashion News Desk - China
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