Hong Kong's Consumer Price Index (CPI) fell 1.9 per cent in December from a year earlier, the government said Tuesday.
The 62nd consecutive month of falling prices narrowed November's 2.4-per cent drop, according to a government statement.
It said that December's narrower year-on-year decline was mainly attributed to the end in November of a water and sewerage charge waiver.
"Also contributing were moderated decreases or slight increases in the retail prices of some goods and services amidst the revival in local consumer spending and surge in inbound tourism, as well as amidst higher import prices owing to a weaker US dollar," the statement said.
Higher gold prices, which forced up the cost of retail jewelry, also helped to slow the deflation, added the statement.
(China Daily January 21, 2004)
