Hong Kong’s annual inflation rate stood at 1.7% in March 2026, unchanged from February and remaining at its highest level since late May. The uptick was mainly driven by faster increases in fuel-related components, reflecting a surge in international oil prices amid the conflict in the Middle East, while price pressures in most other categories stayed generally contained.
By component, inflation was most pronounced in miscellaneous services (4.6%, down from 4.9%), electricity, gas and water (3.9%, up from 3.5%), transport (3.9%, down from 4.3%), and miscellaneous goods (2.8%, up from 1.8%). Prices also increased for alcoholic drinks and beverages (2.1%, compared with 1.8%) and housing (1.1%, compared with 1.0%). Meanwhile, prices continued to fall for durable goods (-2.2%, versus -2.6%) and clothing and footwear (-0.7%, versus -3.4%).
On a monthly basis, consumer prices were flat in March, following a 0.5% rise in the previous month. Excluding the government’s one-off relief measures, underlying inflation held steady at 1.6%, the same rate as in February.
