Hong Kong Inflation Steady at 1.7% in March

The annual inflation rate in Hong Kong rose to 1.7% in March 2026, unchanged from the previous month and still the highest reading since late May. The acceleration mainly reflected faster increases in fuel-related components during the month, driven by a surge in international oil prices amid the Middle East conflict, while price pressures in other categories remained largely contained. By category, inflation was led by miscellaneous services (4.6% vs 4.9%), electricity, gas and water (3.9% vs 3.5%), transport (3.9% vs 4.3%), and miscellaneous goods (2.8% vs 1.8%). Prices also rose for alcoholic drinks and beverages (2.1% vs 1.8%) and housing (1.1% vs 1%), while declines continued in durable goods (-2.2% vs -2.6%) and clothing and footwear (-0.7% vs -3.4%). On a monthly basis, consumer prices stalled in March, after a 0.5% increase in the preceding period. Excluding the government’s one-off relief measures, underlying inflation rose by 1.6%, the same pace in February.

The annual inflation rate in Hong Kong rose to 1.7% in February 2026 from 1.1% in January, marking the highest reading since late May. Prices rose faster for miscellaneous services (4.9% vs 2.9%), transport (4.3% vs 1.3%) and electricity, gas and water (3.5% vs 3%). On the other hand, inflation slowed for miscellaneous goods (1.8% vs 2.3%) and alcoholic drinks and tobacco (1.8% vs 2.7%) and steadied for housing (1.1% vs 1.1%). Prices continued to fall for clothing and footwear (-3.4% vs -2.3%) and durable goods (-2.6% vs -2.8%). The larger increase was mainly due to charges for package tours and inbound and outbound transport fares during the Chinese New Year, coupled with the fact that the Chinese New Year fell in January last year, resulting in a relatively lower base of comparison in February 2025. On a monthly basis, the CPI grew by 0.5%, up from 0.2% in January. Excluding the government’s one-off relief measures, underlying inflation rose by 1.6%, following a 1% gain in January.

Hong Kong’s annual inflation rate eased to 1.1% in January 2026, down from 1.4% in December. Price growth slowed for housing (1.1% vs 1.6% in December), food (0.5% vs 1%), and transport (1.3% vs 4.3%). At the same time, deflation deepened for durable goods (-2.8% vs -2.6%) and clothing and footwear (-2.3% vs -1.7%). In contrast, prices rebounded for electricity, gas and water (3% vs -1.6%), while inflation increased for miscellaneous services (2.9% vs 2.3%), miscellaneous goods (2.3% vs 1.2%), and alcoholic drinks and tobacco (2.7% vs 2%). On a monthly basis, consumer prices edged up 0.2% in January, down from 0.3% in the previous month. Excluding the government’s one-off relief measures, underlying inflation rose 1%, slowing from 1.2% in December.