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Surging food, energy costs push up Hong Kong inflation

AFP, Hong Kong
Hong Kong's inflation rate hit 6.1 percent in June as food and energy costs continued to spiral upwards, official figures showed Monday in the latest sign of Asia's battle with surgingprices.
News of the annual jump comes just days after the city's government introduced a raft of measures to try and shield its poorest residents from the spiralling cost of living, hoping the move will dampen growing discontent here.
Inflation is on the march ^tro$$ Asia, driven up by soaring fuel and food costs, raising fears that it will curb consumer spending, hit business profits and lead to slower economic growth, especially if interest rates rise.
The underlying inflation rate in the southern Chinese territory was also 6.1 percent, up from 5.7 percent year-on-year in May, according to figures released by the Census and Statistics Department.
A government spokesman said sustained increases in food and energy costs, and the strength of the local economy, had contributed to upward pressure on housing rents and the price of various goods and services.
"The inflation outlook for the rest of the year remains uncertain, due to the volatile international food and energy prices," the spokesman said in a statement.
June inflation was higher than the 5.8 percent rise forecast by economists surveyed by Dow Jones Newswires. The
government said the rise was mainly due to costlier private housing rentals, package tour charges and rice.
Rice prices have risen 64.0 percent in the past year, while staple meat pork is up 48.2 percent and beef some 50.8 percent, the figures showed.
The price of electricity, gas and water went up 7.4 percent year-on-year, while housing rentals went up 6.3 percent.
Hong Kong's government has forecast inflation will come in at 4.5 percent in 2008, up from 2007's 2.0 percent.
The city’s chipf executive Diuiald Tsang'Jast week unveiled a package worth 11 billion Hong Kong dollars (1.4 billion US) to try and ease the effect of rising prices.
The measures target lower-and middle-income groups and include transport subsidies for students, an electricity subsidy for every household and an extra allowance for pensioners.
The move was unusual for Hong Kong, which prides itself on its laissez-faire economic approach, but comes as the popularity of the city's leaders wanes.
Inflation is posing a threat to economic growth across Asia. It has also risen markedly in the West, complicating the task for policymakers amid a US-led global economic slowdown.
Southeast Asian foreign ministers said Monday after annual talks in Singapore that rising oil and food prices posed a serious challenge to the social and economic welfare of their region.