Consumer Prices Rise 1.4% in December 2025, Underlying Inflation at 1.2%

Consumer Price Indices for December 2025

The Census and Statistics Department (C&SD) released today (January 22) the Consumer Price Index (CPI) figures for December 2025. According to the Composite CPI, overall consumer prices rose by 1.4% in December 2025 over the same month a year earlier, larger than the corresponding increase (1.2%) in November 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 December 2025 was 1.2%, also larger than that in November 2025 (1.0%). The larger increase was mainly due to the increases in the charges for package tours as well as inbound and outbound transport fares.

The Census and Statistics Department (C&SD), Photo source: reference image

On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending December 2025 was 0.2%, and that for the 3-month period ending November 2025 was 0.1%. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.2% and 0.1%.

Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.3% and 1.4% respectively in December 2025, as compared to 1.5%, 1.1% and 1.1% respectively in November 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 1.0%, 1.2% and 1.4% respectively in December 2025, as compared to 0.9%, 1.0% and 1.1% respectively in November 2025.

On a seasonally adjusted basis, for the 3-month period ending December 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.1%, 0.2% and 0.3% respectively. The corresponding rates of change for the 3-month period ending November 2025 were 0.0%, 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 December 2025 were 0.1%, 0.2% and 0.3% respectively, and the corresponding rates of change for the 3-month period ending November 2025 were 0.0%, 0.1% and 0.1% respectively.

Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in December 2025 for transport (4.3%), miscellaneous services (2.3%), alcoholic drinks and tobacco (2.0%), housing (1.6%), miscellaneous goods (1.2%), meals out and takeaway food (1.1%), and basic food (0.7%).

On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in December 2025 for durable goods (-2.6%), clothing and footwear (-1.7%), and electricity, gas and water (-1.6%).

In the fourth quarter of 2025, the Composite CPI rose by 1.3% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.2% and 1.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.2% respectively.

For 2025 as a whole, the Composite CPI was 1.4% higher than that in the preceding year. 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%, 1.3%, 1.0% and 1.0% respectively.

A Government spokesman said that consumer price inflation stayed modest in December 2025. The underlying Composite CPI increased by 1.2% in the month over a year earlier, giving an annual increase of 1.1% for 2025 as a whole, same as the preceding year. Price pressures on various major components remained generally contained.

Looking ahead, overall inflation should stay modest in the near term, as domestic cost and external price pressures are still mild.

Further information

The CPIs and year-on-year rates of change at section level for December 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).

Legal notices for onboarding of Mandatory Provident Fund industry schemes to eMPF Platform gazetted

To prepare for the onboarding of Mandatory Provident Fund (MPF) industry schemes to the eMPF Platform and to specify commencement dates of certain provisions in the Mandatory Provident Fund Schemes (Amendment) Ordinance 2021 (Amendment Ordinance 2021), the Government published in the Gazette today (January 23) the following legal notices:

(i) the Mandatory Provident Fund Schemes (Specification of Dates for Purposes of Section 19M(2)(a)) (Amendment) Notice 2026 (Mandatory Use (Amendment) Notice 2026);

(ii) the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19U(4)) (Amendment) Notice 2026, the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Y(3)) (Amendment) Notice 2026, and the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Z(4)) (Amendment) Notice 2026 (collectively Fee Control (Amendment) Notices 2026); and

(iii) the Mandatory Provident Fund Schemes (Amendment) Ordinance 2021 (Commencement) Notice 2026 (Commencement Notice 2026).

The Mandatory Use (Amendment) Notice 2026 specifies March 26, 2026, and April 30, 2026, as "material day" for the BCT (MPF) Industry Choice administered by the Bank Consortium Trust Company Limited (BCT) and the BEA (MPF) Industry Scheme administered by the Bank of East Asia (Trustees) Limited (BEA) respectively, such that BCT and BEA are mandated to use the eMPF Platform to perform scheme administration functions in relation to these MPF schemes. On cost savings and fee-setting of the MPF scheme to be charged by the MPF trustee on scheme members, the Fee Control (Amendment) Notices 2026 appoint June 26, 2026, and July 30, 2026, as respective "material day" for the constituent funds of the MPF schemes mentioned above, such that BCT and BEA are mandated to make corresponding reduction in their fees charged on scheme members in relation to the constituent funds of these MPF schemes.

The Commencement Notice 2026 appoints April 30, 2026, as the day on which sections 80, 100 and 106 of the Amendment Ordinance 2021 come into operation, such that the transfer of accrued benefits between trustees could be streamlined. The Commencement Notice 2026 also appoints October 5, 2026, as the day on which the remaining provisions set out in section 1(3)(b) of the Amendment Ordinance 2021 come into operation, such that the eMPF Platform Company Limited is mandated to maintain a new central register whilst repealing the two existing registers on personal accounts and unclaimed benefits maintained by the Mandatory Provident Fund Schemes Authority.

"With the onboarding of all MPF schemes to the eMPF Platform, it is anticipated that over 10 million MPF scheme members could enjoy fee reductions, representing more than 90 per cent of all scheme member accounts. At the same time, the Government will make use of the favourable conditions created by the eMPF Platform to implement other MPF reform initiatives, including the Phase One Proposal of MPF 'Full Portability' for which legislative amendments were completed last year," a spokesperson for the Financial Services and the Treasury Bureau said.

If scheme members/employers have any questions regarding the detailed operation of the eMPF Platform, they may visit the Platform's official website (empf.org.hk), or call the Platform's customer service hotline (183 2622).

The aforementioned legal notices will be tabled at the Legislative Council for negative vetting on January 28, 2026.

Source: AI-found images