The Census and Statistics Department (C&SD) released today (December 22) the Consumer Price Index (CPI) figures for November 2025. According to the Composite CPI, overall consumer prices rose by 1.2% in November 2025 over the same month a year earlier, the same as that in October 2025. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2025 was 1.0%, also the same as that in October 2025. 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2025 was 0.1%, the same as that for the 3-month period ending October 2025. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.1%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.1% and 1.1% respectively in November 2025, as compared to 1.4%, 1.1% and 1.0% respectively in October 2025. 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 0.9%, 1.0% and 1.1% respectively in November 2025, as compared to 0.9%, 1.0% and 1.0% respectively in October 2025.

     On a seasonally adjusted basis, for the 3-month period ending November 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.1% and 0.1% respectively. The corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively. Netting out the effects of all Government's one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending November 2025 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively.

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2025 for transport (3.5%), alcoholic drinks and tobacco (2.1%), miscellaneous services (1.9%), housing (1.6%), meals out and takeaway food (1.3%), miscellaneous goods (1.3%), and basic food (0.7%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2025 for clothing and footwear (-4.1%), durable goods (-3.3%), and electricity, gas and water (-0.5%).

     Taking the first 11 months of 2025 together, the Composite CPI rose by 1.4% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.4%, 1.0% and 0.9% respectively.

     For the 3 months ending November 2025, the Composite CPI rose by 1.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.0% and 1.0% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 1.1%, 1.0% and 1.0% respectively.

     For the 12 months ending November 2025, the Composite CPI was on average 1.4% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.4%, 1.0% and 1.0% respectively.

Commentary

     A Government spokesman said that consumer price inflation stayed subdued in November, with the year-on-year increase in underlying Composite CPI unchanged at 1.0%. Price pressures on various major components were contained in general.

     Looking ahead, overall inflation should remain modest in the near term, as cost pressures on the domestic and external fronts are still broadly in check.

Further information

     The CPIs and year-on-year rates of change at section level for November 2025 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

Ends/Monday, December 22, 2025
Issued at HKT 16:30

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