Hong Kong government's Census and Statistics Department: In December 2025, the overall consumer price index in Hong Kong rose by 1.4% year-on-year.

On January 22, the Hong Kong Census and Statistics Department announced the Consumer Price Index for December 2025. According to the Composite CPI, the overall consumer prices in December 2025 increased by 1.4% compared to the same month a year ago, which is higher than the corresponding increase in November 2025 (1.2%). Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite CPI in December 2025 (i.e. the basic inflation rate) is 1.2%, also higher than in November 2025 (1.0%). The increase in year-on-year comparison is mainly due to the rise in tourism expenses and transportation costs in and out of Hong Kong. The seasonally adjusted Composite CPI shows an average monthly increase of 0.2% for the three months ending December 2025, compared to 0.1% for the three months ending November 2025. Excluding the impact of all one-off relief measures by the government, the corresponding increases are 0.2% and 0.1%. Analyzing the individual components of the CPI, the Class A, Class B, and Class C consumer price indices in December 2025 showed year-on-year increases of 1.5%, 1.3%, and 1.4% respectively, compared to corresponding increases of 1.5%, 1.1%, and 1.1% in November 2025. Excluding the impact of all one-off relief measures by the government, the year-on-year increases for Class A, Class B, and Class C consumer price indices in December 2025 were 1.0%, 1.2%, and 1.4% respectively, compared to increases of 0.9%, 1.0%, and 1.1% in November 2025. The seasonally adjusted Class A, Class B, and Class C consumer price indices show average monthly change rates of 0.1%, 0.2%, and 0.3% for the three months ending December 2025, compared to 0.0%, 0.1%, and 0.1% for the three months ending November 2025. Excluding the impact of all one-off relief measures by the government, the average monthly change rates for the seasonally adjusted Class A, Class B, and Class C consumer price indices for the three months ending December 2025 were 0.1%, 0.2%, and 0.3%, compared to 0.0%, 0.1%, and 0.1% for the three months ending November 2025. In the components of the Composite CPI in December 2025, categories that recorded year-on-year increases include transportation (up 4.3%), miscellaneous services (up 2.3%), tobacco and alcohol (up 2.0%), housing (up 1.6%), miscellaneous goods (up 1.2%), dining out and takeout (up 1.1%), and basic food (up 0.7%). On the other hand, categories that saw year-on-year decreases in the Composite CPI in December 2025 include durable goods (down 2.6%), clothing and footwear (down 1.7%), and electricity, gas, and water (down 1.6%). In the fourth quarter of 2025, the Composite CPI increased by 1.3% compared to the same period a year ago, with Class A, Class B, and Class C consumer price indices increasing 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%. For the full year of 2025, the Composite CPI increased by 1.4% compared to the previous year, with corresponding increases of 1.9% for Class A, 1.3% for Class B, and 1.1% for Class C consumer price indices. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.1%, 1.3%, 1.0%, and 1.0%. A spokesperson for the Hong Kong government stated that in December 2025, consumer price inflation remained mild. The year-on-year increase in the basic Composite CPI for that month was 1.2%, and the year-on-year increase for the full year of 2025 was 1.1%, the same as the previous year. The price pressures of major components continue to be broadly contained. Looking ahead, overall inflation is expected to remain mild in the short term due to moderate local costs and external price pressures in Hong Kong.