Hong Kong Inflation Rises More Than Expected

Hong Kong’s annual inflation rate rose to 1.9% in September 2026 from 1.7% in August, above market expectations of 1.8%. This marked the highest reading in three months, as price growth accelerated for electricity, gas and water (12.9% vs 11.5% in August), transport (5.2% vs 3.9%), miscellaneous services (5.3% vs 4.7%), and housing (0.2% vs 0.1%). Inflation also picked up for durable goods, reaching 1.1% from 0.8%, while clothing and footwear prices rose 0.3% after remaining unchanged a month earlier. Meanwhile, food inflation eased slightly to 0.5% from 0.6%, and price growth slowed for miscellaneous goods (2.1% vs 2.5%). Prices for alcoholic drinks and tobacco fell 0.4% after remaining unchanged in August. On a monthly basis, consumer prices rose 0.3%, following a 0.1% increase in August. The underlying Composite CPI, which excludes the effects of all one-off government relief measures, rose 2.1% year-on-year, up from 1.9% in August.

Hong Kong’s annual inflation rate stood at 1.7% in August 2026, unchanged from the previous month. Price growth remained steady for housing, at 0.1%, while inflation accelerated slightly for food (0.6% vs 0.5%) and electricity, gas and water (11.5% vs 10.8%). Price growth for durable goods also rebounded, rising 0.8% following a 0.2% decline. Meanwhile, inflation softened further for transport, slowing to 3.9% from 5%, while prices for clothing and footwear and alcoholic drinks and tobacco remained unchanged from a year earlier. The underlying Composite CPI, which excludes the effects of all one-off government relief measures, was unchanged at 1.9%, as price pressures remained largely under control despite inflation related to fuel remaining high. On a monthly basis, consumer prices edged up 0.1%, slowing from a 0.2% increase in July. Looking ahead, authorities expect the continued feed-through of higher global oil prices on fuel-related components to pose upward pressure on inflation.

Hong Kong’s annual inflation rate eased to 1.7% in July 2026, down from 2% in each of the previous two months. Inflation softened for housing, which eased sharply to 0.1% from 1.1%, and transport, which slowed to 5% from 5.3%. Additional downward pressure came from durable goods, whose prices fell 0.2% after dropping 1.1%, while inflation for clothing and footwear eased to 0.6% from 0.7%. In contrast, inflation rose for utilities (10.8% vs 9.2% in June) and overall food (0.5% vs 0.3%). The underlying composite CPI was unchanged at 1.9%, as inflation for fuel-related items stayed high while price pressures on other components were generally contained. On a monthly basis, consumer prices edged up 0.2%, following two consecutive months of flat readings. Looking ahead, authorities expect the continued feed-through of higher global oil prices on fuel-related components to pose upward pressure on inflation.