January's consumer prices rose 2 percent from the corresponding month last year, Hong Kong's Census & Statistics Department said Thursday.

While the rise in housing costs stabilized, the change in price of many other items, except clothing and footwear, was generally steady in January. Year-on-year falls in charges for package tours and inbound and outbound transport fares were recorded.

The sustained rise in labor productivity and the more moderate rise in shop rentals in recent quarters should render a cushion against the expected pick-up in imported inflation stemming from a weak U.S. dollar and Renminbi appreciation.

January saw year-on-year rises in the price of clothing and footwear, up 9.5 percent, housing, up 4.8 percent, miscellaneous goods, up 2.8 percent, food, excluding meals bought away from home, up 2.7 percent and meals bought away from home, up 1.5 percent. The prices of miscellaneous services also rose 0.1 percent.

Year-on-year price falls were recorded for durable goods, down 6 percent, alcohol and tobacco, down 3.6 percent, electricity, gas and water, down 1.2 percent and transport, down 0.9 percent.

For the quarter ending January, the Composite Consumer Price Index rose 2.1 percent over a year earlier. For the 12 months ending January, the index was on average 2 percent higher than in the preceding 12-month period.

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