Consumer Prices Rise 1.2% Year-on-Year in November 2025, Underlying Inflation Steady at 1.0%

Consumer Price Indices for November 2025

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).

The Census and Statistics Department (C&SD)

Financing sandbox launched today with opening of Hong Kong Technology and Innovation Support Centre to foster intellectual property financing and innovation

The Government announced today (December 22) the official launch of the intellectual property (IP) financing sandbox and the opening of the Hong Kong Technology and Innovation Support Centre (HKTISC), marking key milestones in promoting IP financing and further developing Hong Kong's IP trading ecosystem while fostering innovation.

The Chief Executive announced in the 2025 Policy Address the launch of the sandbox to assist pilot sectors (particularly the technology sector) in leveraging IPs for financing with the support of the banking, insurance, valuation, legal and other professions. The sandbox will provide a collaborative and risk-controlled environment for stakeholders to test out the full lifecycle of IP financing and accumulate practical experience in providing IP financing.

With the Commerce and Economic Development Bureau (CEDB), the Intellectual Property Department (IPD) and the Hong Kong Monetary Authority's (HKMA) deliberation, the sandbox is underpinned by the following four core operating principles:

(1) Recognition of IP value: Participating banks will consider the value of IPs owned by borrowing enterprises, alongside the borrower's credit demand, financial position and repayment ability in their credit underwriting process.

(2) Independent and standardised valuation: To ensure credibility, IP valuation will be conducted by independent service providers using universally accepted methods. Where appropriate, qualitative patent evaluation reports can be obtained to support this process.

(3) Risk management: Participating banks should comply with applicable supervisory requirements on risk management, while participating enterprises should comply with the legal and regulatory requirements in respect of maintaining and developing the IP assets concerned.

(4) Stakeholder collaboration: The initiative relies on a cohesive ecosystem. It brings together enterprises that hold IP assets, banks, valuation experts, legal practitioners and other relevant professionals to co-create successful financing transactions.

The Secretary for Commerce and Economic Development, Mr Algernon Yau, said that the IP financing sandbox, together with other related measures announced in "The Chief Executive's 2025 Policy Address", would help leverage Hong Kong's unique strengths to build an ecosystem where IP is protected with rigour, valued with clarity, and financed with confidence, with a view to strengthening Hong Kong's role as a regional IP trading centre.

By enabling enterprises to leverage their IP assets for financing, the sandbox will help unlock a new financing channel, thereby supporting the commercialisation of outcomes of research and development as well as creativity, and promoting innovation and technology as a key driver of economic growth.

Three major banks have committed to participating in the sandbox, while nearly 30 professional firms from the legal and valuation sectors have indicated keen interest in participating. The CEDB, the IPD and the HKMA will closely monitor the progress of the pilot projects, gather feedback, and provide guidance as needed. It is anticipated that several trial cases are in the pipeline for the first phase of the sandbox.

In addition, the HKTISC that officially commenced full operations today is another key complementary initiative in promoting IP financing. With the support of the IPD, the HKTISC will closely engage small and medium-sized enterprises (SMEs) in the innovation and technology sector and provide a qualitative patent evaluation service to assess, based on national standards, the quality of their patents from legal, technological and economic perspectives. The Government will also launch a support scheme through the HKTISC in 2026 to financially assist SMEs to engage professional service providers for the valuation of their whole IP portfolios in monetary terms.

These integrated measures aim to provide an objective reference about the strengths of the patents and the monetary valuation of the whole IP portfolios owned by the SMEs, facilitating more effective credit assessment and investment analysis.

The Technology and Innovation Support Centre is a dedicated programme of the World Intellectual Property Organization (WIPO), which supports researchers and innovators at different stages of the innovation cycle, helping them make use of the IP system (especially by means of patents) to protect their inventions and guiding them to bring the technology to market. With the recognition of the Hong Kong Productivity Council as a Technology and Innovation Support Centre hosting institution by the China National Intellectual Property Administration and WIPO, the HKTISC will join the 200-plus strong Technology and Innovation Support Centre network in the country, which promotes better integration of Hong Kong into overall national development.

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