In Hong Kong, the Consumer Price Index (CPI) increased by 1.1% year-on-year in January 2026.

On February 25th, the Hong Kong government's Census and Statistics Department announced the Consumer Price Index for January 2026. According to the Composite Consumer Price Index, the overall consumer price in January 2026 increased by 1.1% compared to the same month a year ago, which was lower than the corresponding increase in December 2025 (1.4%). Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite Consumer Price Index in January 2026 (i.e. the basic inflation rate) was 1.0%, also lower than December 2025 (1.2%). The narrowing of the year-on-year increase in January 2026 was mainly due to the Lunar New Year falling in January last year, which resulted in a higher base for comparison, especially in terms of transportation costs to and from Hong Kong. The seasonally adjusted Composite Consumer Price Index had an average monthly increase of 0.2% for the three months leading up to January 2026, which was the same as the corresponding increase for the three months leading up to December 2025. Excluding the impact of all one-off relief measures by the government, the corresponding increase was also 0.2%. In terms of the breakdown of the index, the year-on-year increase in the Consumer Price Index for Category A, Category B, and Category C in January 2026 was 1.3%, 1.2%, and 0.9% respectively, while the corresponding increases in December 2025 were 1.5%, 1.3%, and 1.4% respectively. Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Consumer Price Index for Category A, Category B, and Category C in January 2026 was 1.0%, 1.0%, and 0.9% respectively, compared to 1.0%, 1.2%, and 1.4% in December 2025. The seasonally adjusted Consumer Price Index for Category A, Category B, and Category C had an average monthly increase of 0.3%, 0.2%, and 0.2% respectively for the three months leading up to January 2026, compared to 0.1%, 0.2%, and 0.3% for the three months leading up to December 2025. Excluding the impact of all one-off relief measures by the government, the average monthly increase for the seasonally adjusted Consumer Price Index for Category A, Category B, and Category C for the three months leading up to January 2026 was 0.2%, while it was 0.1%, 0.2%, and 0.3% for the three months leading up to December 2025. In terms of the various components of the Composite Consumer Price Index, the categories that recorded a year-on-year increase in prices in January 2026 were electricity, gas, and water (up 3.0%), miscellaneous services (up 2.9%), tobacco and alcohol (up 2.7%), miscellaneous items (up 2.3%), transportation (up 1.3%), housing (up 1.1%), and dining out and takeaways (up 1.0%). On the other hand, the categories that recorded a year-on-year decrease in prices in January 2026 were durable goods (down 2.8%), clothing and footwear (down 2.3%), and basic food items (down 0.3%). For the three months leading up to January 2026, the Composite Consumer Price Index increased by 1.3% compared to the same period a year ago, while the Consumer Price Index for Category A, Category B, and Category C increased by 1.4%, 1.2%, and 1.2% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.1%, 1.0%, 1.1%, and 1.2% respectively. For the twelve months leading up to January 2026, the Composite Consumer Price Index increased by an average of 1.4% compared to the same period a year ago, while the corresponding increases for the Consumer Price Index for Category A, Category B, and Category C were 1.8%, 1.2%, and 1.0% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.1%, 1.3%, 1.0%, and 0.9% respectively. A spokesperson for the Hong Kong government stated that the consumer price inflation in January 2026 remained mild, with the basic Composite Consumer Price Index increasing by 1.0% year-on-year. The increase was slower than the previous month, mainly due to the higher base last year when the Lunar New Year fell in late January 2025, while this year it fell in mid-February. Price pressures for major components generally remained under control. Looking ahead, external price pressures are expected to remain moderate, while local costs in Hong Kong may increase slightly as the economy continues to grow. However, overall inflation should remain mild in the short term.