Consumer Price Indices for March 2026
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Comparing March 2026 with February 2026, the year-on-year rate of increase in the Composite CPI in March 2026 was 1.7%, the same as that in February 2026. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI in March 2026 was 1.6%, also the same as that in February 2026.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending March 2026 was 0.2%, the same as that for the 3-month period ending February 2026. 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 1.6%, 1.8% and 1.8% respectively in March 2026, as compared to the average rates of increase of 1.4% across all sub-indices in January and February 2026, and 1.6%, 1.8% and 1.9% respectively in February 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 1.4%, 1.6% and 1.7% respectively in March 2026, as compared to the average rates of increase of 1.1%, 1.3% and 1.4% respectively in January and February 2026, and 1.3%, 1.6% and 1.8% respectively in February 2026.
On a seasonally adjusted basis, for the 3-month period ending March 2026, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.2%, 0.2% and 0.1% respectively. The corresponding rates of change for the 3-month period ending February 2026 were 0.1%, 0.2% 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 March 2026 were all 0.1%, and the corresponding rates of change for the 3-month period ending February 2026 were 0.0%, 0.1% and 0.2% respectively.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in March 2026 for miscellaneous services (4.6%), transport (3.9%), electricity, gas and water (3.9%), miscellaneous goods (2.8%), alcoholic drinks and tobacco (2.1%), basic food (1.2%), housing (1.0%), and meals out and takeaway food (0.8%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in March 2026 for durable goods (-2.2%), and clothing and footwear (-0.7%).
In the first quarter of 2026, the Composite CPI rose by 1.6% over the same period a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 1.6% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.4%, 1.2%, 1.5% and 1.5% respectively.
For the 12 months ending March 2026, the Composite CPI on average rose by 1.4% over the same period a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.3% and 1.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.2%, 1.1% and 1.1% respectively.
Commentary
A Government spokesman said that consumer price inflation accelerated somewhat but stayed moderate in March. The underlying Composite CPI rose by 1.6% over a year earlier, up from 1.3% in January and February combined. The acceleration mainly reflected the faster increases in prices of fuel-related components in the month, amid the upsurge in international oil prices due to the Middle East conflict. Meanwhile, price pressures on other components were largely contained.
Looking ahead, elevated international oil prices will likely continue to feed through to the relevant components in consumer prices gradually in the near term, with the final impacts hinging on the evolving situation in the Middle East. Yet, as price pressures from other sources generally stay contained, this should help rein in the potential upward pressure on overall inflation. The Government has introduced short-term targeted measures to address the recent increase in fuel prices, and will continue to monitor the development closely.
Further information
The CPIs and year-on-year rates of change at section level for March 2026 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/Thursday, April 23, 2026
Issued at HKT 16:30
Issued at HKT 16:30
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