Official figures released on Tuesday showed that overall consumer prices in Hong Kong rose by 2.5 percent last month compared with the same period a year ago.

That inflation figure was larger than the corresponding increase of 1.5 percent in June and was the highest since November last year.

In a statement, the government attributed higher inflation data to the end of concessionary measures for ratepayers in June, and a rise in transport costs to and from Hong Kong.

"Looking ahead, overall inflation should stay mild in the near term. Domestic costs may face some moderate upward pressures as the Hong Kong economy continues to grow. External price pressures should remain on a broad moderating trend, though geopolitical tensions may bring uncertainties," a government spokesman added.