Hong Kong Inflation Rate Remains at 1.7%

The annual inflation rate in Hong Kong stood at 1.7% in April 2026, unchanged from the previous two months and remaining at its highest reading since May last year. Price growth mainly picked up for electricity, gas and water (5.5% vs 3.9% in March) and transport (4.3% vs 3.9%). The government spokesman noted that, as global oil prices remain elevated, the pass-through to fuel-related components of consumer prices is expected to persist. Yet price pressures from other fronts remained generally contained, reflected in easing inflation for food (0.7% vs 0.9%), miscellaneous goods (2.6% vs 2.8%), and services (4.5% vs 4.6%), while costs continued to decline for clothing and footwear (-0.3% vs -0.7%) and durable goods (-1.9% vs -2.2%). On a monthly basis, consumer prices fell 0.1%, the first decline since May last year and following a flat reading in the prior period. Excluding the government’s one-off relief measures, underlying annual inflation came in at 1.6%, unchanged from 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% vs 1.1%), 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.