Hong Kong's CPI in January 2026 increased by 1.1% year-on-year, with a month-on-month increase of 1.4%.

On February 25, the Hong Kong Census and Statistics Department announced the consumer price index for January 2026. According to the composite consumer price index, overall consumer prices 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 higher base last year, especially in transportation costs to and from Hong Kong. The seasonally adjusted composite consumer price index showed an average monthly increase of 0.2% for the three months ending in January 2026, which was the same as the corresponding increase for the three months ending in December 2025. Excluding the impact of all one-off relief measures by the government, the corresponding increases were both 0.2%. Analyzing the sub-indices, Class A, Class B, and Class C consumer price indices recorded year-on-year increases of 1.3%, 1.2%, and 0.9% respectively in January 2026, compared to 1.5%, 1.3%, and 1.4% in December 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 January 2026 were 1.0%, 1.0%, and 0.9% respectively, compared to 1.0%, 1.2%, and 1.4% in December 2025. The seasonally adjusted Class A, Class B, and Class C consumer price indices showed average monthly increases of 0.3%, 0.2%, and 0.2% respectively for the three months ending in January 2026, compared to 0.1%, 0.2%, and 0.3% for the three months ending in December 2025. Excluding the impact of all one-off relief measures by the government, the seasonally adjusted average monthly increases for Class A, Class B, and Class C consumer price indices were all 0.2% for the three months ending in January 2026, compared to 0.1%, 0.2%, and 0.3% for the three months ending in December 2025. Among the various components of the composite consumer price index, categories with year-on-year increases in prices in January 2026 include 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%), as well as dining out and takeaway food (up 1.0%). On the other hand, categories with year-on-year decreases in prices in January 2026 include durable goods (down 2.8%), clothing and footwear (down 2.3%), and basic food (down 0.3%). For the three months ending in January 2026, the composite consumer price index 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%. Over the 12 months ending in January 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 Class A, Class B, and Class C consumer price indices of 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 consumer price inflation in January 2026 remained mild, with a year-on-year increase of 1.0% in the basic composite consumer price index. The increase slowed compared to the previous month, mainly due to the higher base last year, as the Lunar New Year fell at the end of January 2025, while this year it fell in mid-February. Price pressures for major components continue to be generally well-controlled. 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 is expected to remain mild in the short term.