On September 23, the Census and Statistics Department of the Hong Kong Special Administrative Region Government released the Consumer Price Index (CPI) for August 2026. The overall CPI increased by 1.7% in August 2026 compared to the same month a year earlier, matching the corresponding increase recorded in July 2026. After netting out the effects of all government one-off relief measures, the year-on-year rise in the Composite CPI for August 2026, representing the underlying inflation rate, stood at 1.9%, also identical to the rate seen in July 2026.

The seasonally adjusted Composite CPI rose at an average monthly rate of 0.2% in the three months ending August 2026, unchanged from the corresponding rate for the three months ending July 2026. With the effects of all government one-off relief measures excluded, the corresponding increases were also 0.2%.

Looking at sub-indices, the year-on-year increases in the CPI(A), CPI(B), and CPI(C) for August 2026 were 1.2%, 1.8%, and 1.9%, respectively, while the corresponding increases in July 2026 were 1.2%, 1.8%, and 2.0%. Excluding the effects of all government one-off relief measures, the year-on-year rises in the CPI(A), CPI(B), and CPI(C) for August 2026 were 1.6%, 2.0%, and 2.0%, respectively, compared with increases of 1.6%, 2.0%, and 2.1% in July 2026. The seasonally adjusted average monthly rates of increase for the CPI(A), CPI(B), and CPI(C) in the three months ending August 2026 were 0.2%, 0.1%, and 0.1%, respectively, whereas the corresponding rates for the three months ending July 2026 were all 0.2%. Regardless of whether the effects of government one-off relief measures are included or excluded, these seasonally adjusted figures remained the same for both periods.

Among the various components of the Composite CPI, categories recording year-on-year price increases in August 2026 included electricity, gas and water (up 11.5%), miscellaneous services (up 4.7%), transport (up 3.9%), miscellaneous goods (up 2.5%), meals out and takeaway food (up 1.1%), durable goods (up 0.8%), and housing (up 0.1%). On the other hand, the only category registering a year-on-year decline in August 2026 was basic food (down 0.2%). Meanwhile, prices for tobacco and alcohol, as well as clothing and footwear, remained unchanged compared to the same period a year earlier.

For the first eight months of 2026 combined, the Composite CPI rose 1.7% from the same period a year earlier, with corresponding increases of 1.5%, 1.8%, and 1.8% for the CPI(A), CPI(B), and CPI(C), respectively. With the effects of government one-off relief measures excluded, these corresponding increases were 1.7%, 1.4%, 1.8%, and 1.8%, respectively. In the three months ending August 2026, the Composite CPI rose 1.7% year-on-year, while the CPI(A), CPI(B), and CPI(C) increased by 1.4%, 1.9%, and 2.0%, respectively. Excluding the effects of government relief measures, these rates were 1.9%, 1.6%, 2.0%, and 2.1%. Over the twelve months ending August 2026, the Composite CPI rose 1.6% on average year-on-year, with corresponding increases of 1.5%, 1.6%, and 1.6% for the CPI(A), CPI(B), and CPI(C). With relief measures excluded, these rates were 1.5%, 1.3%, 1.5%, and 1.6%.

A government spokesperson noted that the underlying Composite CPI rose 1.9% year-on-year in August, matching the previous month's figure. Although inflation in fuel-related items remained elevated, price pressures across other major components were broadly contained, keeping overall inflation moderate for the time being. Looking ahead, consumer price inflation is expected to face continued upward pressure as persistently high international oil prices pass through to fuel-related components. The recent escalation of tensions in the Middle East remains a key uncertainty that warrants close monitoring. Nevertheless, with price pressures elsewhere likely to stay broadly contained, overall inflation should remain mild.