The Hong Kong Census and Statistics Department reported on August 20, 2010, that the CPI rose 1.3% y/y in July 2010, down from 2.8% y/y in June. The lower-than-expected inflation was due to a government subsidy for public housing, which pushed the overall housing component down 4.6% y/y as public housing rents fell 96.8% y/y. Netting out all subsidies, the CPI increased 1.9% y/y, slightly larger than June's 1.7% increase.
Monday, August 23, 2010
Infation? What Inflation? (Hong Kong Edition)
Roubini Economics reports:
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"as public housing rents fell 96.8% y/y" ???? Typo? Or did public housing rents actually fall by ninetysix point eight percent? That's some subsidy =D
ReplyDeleteThat's the way it reads at Roubini Economics (No wonder he is off on his forecasts sometimes.)
ReplyDeleteIt probably should be 9.68%.