The Census and Statistics Department (C&SD) released today (June 23) the Consumer Price Index (CPI) figures for May 2026. According to the Composite CPI, overall consumer prices rose by 2.0% in May 2026 over the same month a year earlier, larger than the corresponding increase (1.7%) in April 2026. 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 May 2026 was 1.9%, also larger than that in April 2026 (1.6%). The larger increase in May 2026 was mainly due to the accelerated increases in inbound and outbound transport fares and the charges for package holidays, as well as the increases in the charges for health services.

     On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending May 2026 was 0.1%, and that for the 3-month period ending April 2026 was 0.0%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of change were 0.3% and 0.1%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.8%, 2.1% and 2.2% respectively in May 2026, as compared to 1.6%, 1.8% and 1.7% respectively in April 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 1.5%, 2.0% and 2.1% respectively in May 2026, as compared to 1.4%, 1.7% and 1.6% respectively in April 2026.

     On a seasonally adjusted basis, for the 3-month period ending May 2026, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.2% and 0.2% respectively. The corresponding rates of change for the 3-month period ending April 2026 were -0.1%, 0.1% and 0.1% 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 May 2026 were 0.3%, 0.3% and 0.2% respectively, and the corresponding rates of change for the 3-month period ending April 2026 were 0.1%, 0.2% and 0.1% respectively.

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in May 2026 for electricity, gas and water (6.6%), transport (5.1%), miscellaneous services (5.1%), miscellaneous goods (2.9%), alcoholic drinks and tobacco (2.5%), housing (1.1%), clothing and footwear (1.0%), meals out and takeaway food (0.8%), and basic food (0.4%).

     On the other hand, year-on-year decrease in the component of the Composite CPI was recorded in May 2026 for durable goods (-1.2%).

     Taking the first 5 months of 2026 together, the Composite CPI rose by 1.7% over the same period a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.6%, 1.7% and 1.7% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.3%, 1.6% and 1.6% respectively.

     For the 3 months ending May 2026, the Composite CPI rose by 1.8% over the same period a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.7%, 1.9% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.7%, 1.4%, 1.8% and 1.8% respectively.

     For the 12 months ending May 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 1.6%, 1.4% and 1.3% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.3%, 1.2%, 1.2% and 1.2% respectively.

Commentary

     A Government spokesman said that the underlying Composite CPI increased by 1.9% in May over a year earlier, faster than the 1.6% in the preceding month. Increases in prices of fuel-related components continued to pick up. Price pressures on other components remained largely contained.

     Looking ahead, while the recent de-escalation of geopolitical tensions in the Middle East has contributed to a decline in international oil prices, the earlier surge in oil prices will continue feeding through to fuel-related components of consumer prices in the coming months. Meanwhile, price in other areas remain largely stable, which should help keep overall inflation moderate. The Government will continue to monitor the development closely.

Further information

     The CPIs and year-on-year rates of change at section level for May 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/Tuesday, June 23, 2026
Issued at HKT 16:30

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