Overall consumer prices rose 4.5% year-on-year in March, up from the average 4.3% increase in January and February, the Census & Statistics Department announced today.
The comparison to the average rate of increase in January and February is to neutralise the effect caused by the different timing of the Lunar New Year between two years.
Netting out the effects of the Government's one-off relief measures, the underlying inflation rate in March was 2.8%, compared to the average rate of 2.6% in January and February.
Year-on-year increases were recorded for electricity, gas and water, housing, meals bought away from home, food, miscellaneous services, miscellaneous goods, and clothing and footwear.
Year-on-year decreases were recorded for durable goods, and alcohol and tobacco.
The department said inflationary pressure remained contained in recent months, with the year-on-year rate of change in underlying Composite CPI receding from 3.3% in the fourth quarter of 2014 to 2.7% in the first quarter of 2015, due to abating imported inflation and moderate domestic cost pressures.
It forecast that upside risks to inflation should remain limited in the near term given low global inflation and the modest growth pace of the local economy.
