Inflation rose disproportionately to 2.6 per cent last month as a result of the difference in the timing of the Lunar New Year holiday. The consensus estimate was 2.3 per cent, up from December's consumer price index increase of 1.8 per cent. The Lunar New Year holiday fell in January this year, but in February last year. The Census and Statistics Department said price increases for package tours, food and inbound and outbound transport fares relating to the holiday period were largely responsible for the rise. 'Discounting the Lunar New Year effect, the increase in the CPI in January would have been much more moderate,' a spokesman said. Year-on-year increases were also seen in the prices of miscellaneous goods - up 5.7 per cent - and for electricity, gas and water, which rose by 3.2 per cent.