Hong Kong Census and Statistics Department: Overall consumer prices in Hong Kong rose 1.9% year on year in May

The Zhitong Finance App learned that on June 20, the Hong Kong Government Statistics Department today announced the consumer price index for May 2025. According to the Composite Consumer Price Index, overall consumer prices in Hong Kong rose 1.9% in May 2025 compared to the same month a year ago, which is slightly lower than the corresponding increase (2.0%) in April 2025. Excluding the impact of all one-time government relief measures, the year-on-year increase in the composite consumer price index (i.e. basic inflation rate) in May 2025 was 1.0%, which was also lower than in April 2025 (1.3%). The narrowing of the year-on-year increase was mainly due to lower transportation and travel expenses in and out of Hong Kong.

The seasonally adjusted composite consumer price index has an average monthly change rate of -0.1% for the three months ending May 2025, which is the same as the corresponding rate of change for the three months ending April 2025. Excluding the impact of all government one-time relief measures, the corresponding change rates were 0.1% and 0.0%.

According to the segmented index analysis, the year-on-year increases of the A, B and C consumer price indices in May 2025 were 2.8%, 1.6% and 1.2%, respectively, while the corresponding increases in April 2025 were 2.6%, 1.8% and 1.6%, respectively. Excluding the impact of all one-time government relief measures, the consumer price indices for categories A, B and C increased by 1.3%, 0.8% and 0.8% respectively in May 2025, and 1.4%, 1.1% and 1.2% respectively in April 2025.

The seasonally adjusted consumer price indices for categories A, B and C all had an average monthly change rate of -0.1% for the three months ended May 2025, while the corresponding change rates for the three months ended April 2025 were -0.2%, -0.1% and -0.1%, respectively. Excluding the impact of all one-time government relief measures, the average monthly change rates of the seasonally adjusted consumer price indices for the three months ended May 2025 were 0.1%, 0.1% and 0.0%, respectively, while the corresponding rate of change for the three months ended April 2025 was 0.0%.

Among the various composite consumer price index components, the categories that recorded a year-on-year increase in prices in May 2025 were electricity, gas and water (up 19.7%), housing (up 2.9%), transportation (up 2.2%), miscellaneous services (up 1.4%), dining out and takeout (up 1.3%), miscellaneous goods (up 0.5%), and tobacco and alcohol (up 0.5%).

On the other hand, the categories where the composite consumer price index recorded a year-on-year decline in May 2025 were clothing (down 5.3%), durable goods (down 2.3%), and basic foodstuffs (down 1.4%).

Based on the first five months of 2025 combined, the composite consumer price index increased by 1.7% compared to the same period a year ago. The corresponding increases of 2.4%, 1.5% and 1.3% for category A, category B and C consumer price indices were respectively. Excluding the impact of all one-time government relief measures, the corresponding increases were 1.2%, 1.5%, 1.1% and 1.0%, respectively.

In the three months ended May 2025, the composite consumer price index increased by 1.8% compared to the same period a year ago, while the consumer price indices for categories A, B and C increased by 2.4%, 1.6% and 1.3% respectively. Excluding the impact of all one-time government relief measures, the corresponding increases were 1.1%, 1.4%, 1.0% and 0.9%, respectively.

For the 12 months ended May 2025, the composite consumer price index increased by an average of 1.8% compared to the same period a year ago. The corresponding increases of 2.3%, 1.6% and 1.4% for category A, category B and C consumer price indices were respectively. Excluding the impact of all one-time government relief measures, the corresponding increases were 1.2%, 1.3%, 1.1% and 1.1%, respectively.

A Hong Kong government spokesman said that consumer price inflation has remained mild in recent months. The basic composite consumer price index rose 1.0% year on year in May, and increased 1.2% in the first five months of this year. The price pressure for each major component project is largely under control.

Looking ahead, overall inflation should remain moderate in the short term. Local costs and peripheral price pressures in Hong Kong should remain largely manageable. The Government will closely monitor the situation.