Hong Kong Government Statistics Department: In March 2026, the overall consumer price index in Hong Kong increased by 1.7% year-on-year.

On April 23, the Hong Kong government census announced the Consumer Price Index for March 2026. According to the Composite Consumer Price Index, the overall consumer prices in March 2026 increased by 1.7% compared to the same month a year ago, which was higher than the average increase of 1.5% in January and February 2026. Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite Consumer Price Index in March 2026 (i.e. the basic inflation rate) was 1.6%, also higher than the average increase of 1.3% in January and February 2026. Comparing the year-on-year increase in March with the average increase in January and February can offset the impact of price fluctuations caused by the Chinese New Year falling in different months in two years (this year in February and last year in January). The year-on-year increase in the Composite Consumer Price Index for March 2026 was 1.7%, the same as the corresponding increase in February 2026. Excluding the impact of all one-off relief measures by the government, the year-on-year increase in the Composite Consumer Price Index for March 2026 was 1.6%, also the same as the corresponding increase in February 2026. The seasonally adjusted Composite Consumer Price Index had an average monthly increase of 0.2% for the three months ending in March 2026, the same as the corresponding increase for the three months ending in February 2026. Excluding the impact of all one-off relief measures by the government, the corresponding increases were all 0.1%. Among the various categories of Consumer Price Index items, the categories that recorded year-on-year increases in March 2026 were miscellaneous services (up 4.6%), transportation (up 3.9%), electricity, gas and water (up 3.9%), miscellaneous goods (up 2.8%), tobacco and alcohol (up 2.1%), basic food (up 1.2%), housing (up 1.0%), and dining out and takeout (up 0.8%). On the other hand, the categories that recorded decreases in the Composite Consumer Price Index for March 2026 were durable goods (down 2.2%), and clothing and footwear (down 0.7%). In the first quarter of 2026, the Composite Consumer Price Index increased by 1.6% compared to the same period a year ago, with categories A, B, and C increasing by 1.5%, 1.6%, and 1.6% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.4%, 1.2%, 1.5%, and 1.5%. Over the twelve months ending in March 2026, the Composite Consumer Price Index increased by an average of 1.4% compared to the same period a year ago, with categories A, B, and C increasing by 1.7%, 1.3%, and 1.2% respectively. Excluding the impact of all one-off relief measures by the government, the corresponding increases were 1.2%, 1.2%, 1.1%, and 1.1%. A government spokesperson in Hong Kong stated that consumer price inflation in March slightly accelerated but remained moderate. The basic Composite Consumer Price Index increased by 1.6% compared to the previous year, higher than the 1.3% in January and February combined. The acceleration was mainly due to the sharp rise in international oil prices due to the conflict in the Middle East, which caused prices of fuel-related items to increase rapidly in the current month. At the same time, price pressure on other major components remained largely under control. Looking ahead, the high international oil prices are expected to gradually transmit to related items in consumer prices in the short term, with the final impact depending on the developments in the Middle East. However, since other factors affecting price pressure are generally under control, this will help alleviate potential upward pressure on overall inflation. The Hong Kong government has implemented short-term targeted measures to address recent fuel price increases and will continue to closely monitor developments.