Consumer Price Indices for February 2026
The Census and Statistics Department (C&SD) released today (March 20) the Consumer Price Index (CPI) figures for February 2026. According to the Composite CPI, overall consumer prices rose by 1.7% in February 2026 over the same month a year earlier, larger than the corresponding increase (1.1%) in January 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 February 2026 was 1.6%, also larger than that in January 2026 (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 during the Chinese New Year, coupled with the fact that the Chinese New Year fell in January last year, resulting in a relatively lower base of comparison in February 2025.
It should be noted that consumer prices tend to show greater volatility in the first two months of a year due to the timing of the Chinese New Year. As the Chinese New Year fell in February this year but in January last year, the year-on-year comparison for January and February 2026 might have been affected by this factor to a certain extent. Taking the first two months of 2026 together to neutralise the effect of the Chinese New Year, the Composite CPI rose by 1.5% over the same period a year earlier. Netting out the effect of all Government's one-off relief measures, the corresponding increase was 1.3%.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending February 2026 was 0.2%, the same as that for the 3-month period ending January 2026. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.
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 1.9% respectively in February 2026, as compared to 1.3%, 1.2% and 0.9% respectively in January 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 1.3%, 1.6% and 1.8% respectively in February 2026, as compared to 1.0%, 1.0% and 0.9% respectively in January 2026.
Taking the first two months of 2026 together, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were all 1.4%. Netting out the effects of all Government's one-off relief measures, the corresponding increases were 1.1%, 1.3% and 1.4% respectively.
On a seasonally adjusted basis, for the 3-month period ending February 2026, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.1%, 0.2% and 0.2% respectively. The corresponding rates of change for the 3-month period ending January 2026 were 0.3%, 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 February 2026 were 0.0%, 0.1% and 0.2% respectively, and the corresponding rates of change for the 3-month period ending January 2026 were all 0.2%.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in February 2026 for miscellaneous services (4.9%), transport (4.3%), electricity, gas and water (3.5%), miscellaneous goods (1.8%), alcoholic drinks and tobacco (1.8%), housing (1.1%), meals out and takeaway food (1.1%), and basic food (0.6%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in February 2026 for clothing and footwear (-3.4%), and durable goods (-2.6%).
For the 3 months ending February 2026, the Composite CPI rose by 1.5% over the same period a year earlier, while the CPI(A), CPI(B) and CPI(C) all rose by 1.4%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.3%, 1.1%, 1.3% and 1.4% respectively.
For the 12 months ending February 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 1.1% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.2%, 1.0% and 1.0% respectively.
Commentary
A Government spokesman said that consumer price inflation stayed modest in early 2026. Taking January and February together to remove the fluctuation to the year-on-year comparison due to the different timing of the Chinese New Year compared with last year, the underlying Composite CPI increased by 1.3% over a year earlier, slightly higher than the increase of 1.2% in December 2025. Price pressures on various major components remained broadly in check.
Looking ahead, as international oil prices have surged since end-February amid the heightened geopolitical tensions, the import price pressures for specific fuel-related items have increased. The Government is monitoring the external developments closely and will respond as appropriate to safeguard price stability.
Further information
The CPIs and year-on-year rates of change at section level for February 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).
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