Hong Kong’s annual inflation rate slowed to 1.1% in January 2026, down from 1.4% in December. Price increases eased across several major categories, including housing (1.1% vs 1.6% in December), food (0.5% vs 1%), and transport (1.3% vs 4.3%). At the same time, deflation intensified in durable goods (-2.8% vs -2.6%) and in clothing and footwear (-2.3% vs -1.7%).
In contrast, prices rebounded in the electricity, gas and water category (3% vs -1.6%), while inflation strengthened for miscellaneous services (2.9% vs 2.3%), miscellaneous goods (2.3% vs 1.2%), and alcoholic drinks and tobacco (2.7% vs 2%).
On a monthly basis, consumer prices rose 0.2% in January, moderating from a 0.3% increase in December. Excluding the government’s one-off relief measures, underlying inflation stood at 1%, easing from 1.2% in the previous month.
