Hong Kong: September CPI rose 1.9% year-on-year

The Census and Statistics Department of the Hong Kong SAR Government today (October 22) released the Consumer Price Index (CPI) for September 2026. According to the Composite CPI, overall consumer prices rose by 1.9% in September 2026 over the same month a year earlier, higher than the corresponding increase (1.7%) in August 2026. Netting out the effects of all Government's one-off relief measures, the year-on-year increase in the Composite CPI (i.e. the underlying inflation rate) in September 2026 was 2.1%, also higher than that in August 2026 (1.9%). The larger year-on-year increase in September 2026 was mainly due to the faster increases in the charges for transport to and from Hong Kong and package tours. On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending September 2026 was 0.2%, the same as that for the three-month period ending August 2026. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.2%. Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.4%, 2.0% and 2.3% respectively in September 2026, as compared with the corresponding increases of 1.2%, 1.8% and 1.9% in August 2026. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.2% and 2.4% respectively in September 2026, and those in August 2026 were 1.6%, 2.0% and 2.0%. On a seasonally adjusted basis, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) for the three-month period ending September 2026 were all 0.2%, while the corresponding rates of increase for the three-month period ending August 2026 were 0.2%, 0.1% and 0.1%. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the three-month period ending September 2026 were 0.1%, 0.2% and 0.2% respectively, while the corresponding rates of increase for the three-month period ending August 2026 were 0.2%, 0.1% and 0.1%. Among the various components of the Composite CPI, year-on-year increases in prices were recorded in September 2026 for electricity, gas and water (12.9%); miscellaneous services (5.3%); transport (5.2%); miscellaneous goods (2.1%); durable goods (1.1%); meals out and takeaway food (1.0%); clothing and footwear (0.3%); and housing (0.2%). On the other hand, year-on-year decreases in the Composite CPI in September 2026 were recorded for alcoholic drinks and tobacco (-0.4%) and basic food (-0.2%). For the first nine months of 2026 as a whole, the Composite CPI rose by 1.7% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 1.8% and 1.9% respectively. Netting out the effects of all Government's one-off relief measures, the corresponding increases were 1.7%, 1.4%, 1.8% and 1.9%. In the third quarter of 2026, the Composite CPI rose by 1.7% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.3%, 1.9% and 2.1% respectively. Netting out the effects of all Government's one-off relief measures, the corresponding increases were 2.0%, 1.7%, 2.1% and 2.2%. For the 12 months ending September 2026, the Composite CPI rose by 1.6% on average over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 1.7% and 1.7% respectively. Netting out the effects of all Government's one-off relief measures, the corresponding increases were 1.6%, 1.3%, 1.6% and 1.7%. A Government spokesman said that the underlying Composite CPI rose by 2.1% year-on-year in September, higher than the 1.9% in the preceding month, mainly driven by the enlarged increases in the prices of fuel-related items. Nonetheless, the price increases of other major components were broadly modest, keeping overall inflation moderate. Looking ahead, consumer price inflation will still face upward pressure, as the impact of persistently high international oil prices amid continued geopolitical tensions in the Middle East will continue to pass through to fuel-related items. Yet, as price pressures in other areas are expected to remain largely under control, overall inflation should stay moderate.