Hong Kong: In February 2026, the CPI increased by 1.7% year-on-year.

The Census and Statistics Department of the Hong Kong government today (March 20) released the Consumer Price Index for February 2026. According to the Composite Consumer Price Index, the overall consumer price in February 2026 increased by 1.7% compared to the same month a year ago, higher than the corresponding increase in January 2026 (1.1%). Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite Consumer Price Index in February 2026 (i.e. the basic inflation rate) was 1.6%, also higher than in January 2026 (1.0%). The expansion in the year-on-year increase was mainly due to the rise in travel expenses and transportation costs in and out of Hong Kong during the Lunar New Year period, as well as the lower base in February 2025 which had its Lunar New Year in January. It should be noted that consumer prices for the first two months of each year generally fluctuate due to the timing of the Lunar New Year. Since the Lunar New Year fell in February this year and in January last year, the year-on-year comparison for January and February 2026 may be affected to some extent. When calculated together for the first two months of 2026 to eliminate the influence of the Lunar New Year, the Composite Consumer Price Index increased by 1.5% compared to the same period a year ago. Excluding the impact of all government relief measures, the corresponding increase was 1.3%. The seasonally adjusted Composite Consumer Price Index showed an average monthly increase of 0.2% for the three months ending in February 2026, the same as the corresponding increase for the three months ending in January 2026. Excluding the impact of all one-off government relief measures, the corresponding increases were 0.1% and 0.2%. In terms of the breakdown of the indices, Category A, Category B, and Category C Consumer Price Indices in February 2026 increased by 1.6%, 1.8%, and 1.9% respectively compared to the same period a year ago, with corresponding increases in January 2026 of 1.3%, 1.2%, and 0.9%. Excluding the impact of all government relief measures, the year-on-year increases for Category A, Category B, and Category C in February 2026 were 1.3%, 1.6%, and 1.8% respectively, compared to increases of 1.0%, 1.0%, and 0.9% in January 2026. When combined for the first two months of 2026, the year-on-year increases for Category A, Category B, and Category C Consumer Price Indices were all 1.4%. Excluding the impact of all government relief measures, the corresponding increases were 1.1%, 1.3%, and 1.4%. The seasonally adjusted year-on-year change rates for Category A, Category B, and Category C Consumer Price Indices for the three months ending in February 2026 were 0.1%, 0.2%, and 0.2% respectively, compared to 0.3%, 0.2%, and 0.2% for the three months ending in January 2026. Excluding the impact of all one-off government relief measures, the average monthly change rates in the seasonally adjusted indices for Category A, Category B, and Category C for the three months ending in February 2026 were 0.0%, 0.1%, and 0.2%, compared to 0.2% for the three months ending in January 2026. Among the components of the Composite Consumer Price Index in February 2026, the categories that recorded year-on-year increases were miscellaneous services (up 4.9%), transportation (up 4.3%), electricity, gas, and water (up 3.5%), miscellaneous items (up 1.8%), tobacco and alcohol (up 1.8%), housing (up 1.1%), eating out and takeout (up 1.1%), and basic food (up 0.6%). On the other hand, the categories that showed a year-on-year decrease in the Composite Consumer Price Index in February 2026 were clothing and footwear (down 3.4%) and durable goods (down 2.6%). For the three months ending in February 2026, the Composite Consumer Price Index increased by 1.5% compared to the same period a year ago, with Category A, Category B, and Category C Consumer Price Indices all increasing by 1.4%. Excluding the impact of all government relief measures, the corresponding increases were 1.3%, 1.1%, 1.3%, and 1.4%. For the twelve months ending in February 2026, the Composite Consumer Price Index increased by an average of 1.4% compared to the same period a year ago, with corresponding increases in Category A, Category B, and Category C Consumer Price Indices of 1.7%, 1.3%, and 1.1% respectively. Excluding the impact of all government relief measures, the corresponding increases were 1.1%, 1.2%, 1.0%, and 1.0%. A government spokesperson stated that consumer price inflation at the beginning of 2026 remained mild. When January and February are combined to eliminate the fluctuations in year-on-year comparisons due to the different timing of the Lunar New Year, the basic Composite Consumer Price Index increased by 1.3% compared to the same period last year, slightly faster than the increase of 1.2% in December 2025. Price pressures for major components remained generally within control. Looking ahead, with international oil prices surging since the end of February due to escalating geopolitical tensions, the import price pressures for some fuel-related items have increased. The government is closely monitoring external developments and will take appropriate measures to maintain price stability.