The Census and Statistics Department (C&SD) released today (February 20) the Consumer Price Index (CPI) figures for January 2025. According to the Composite CPI, overall consumer prices rose by 2.0% in January 2025 over the same month a year earlier, larger than the corresponding increase (1.4%) in December 2024. The larger increase was attributable to the waiver of the extra public housing rent payable that ended in December 2024, as well as the increases in inbound and outbound transport fares and basic food prices due to the Chinese New Year effect. 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 January 2025 was 1.6%, also larger than that in December 2024 (1.3%). The larger increase was also attributed to the increases in inbound and outbound transport fares and basic food prices due to the Chinese New Year effect.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending January 2025 was 0.1%, the same as that for the 3-month period ending December 2024. 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 2.5%, 1.7% and 1.7% respectively in January 2025, as compared to 1.7%, 1.4% and 1.2% respectively in December 2024. 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 1.9%, 1.5% and 1.5% respectively in January 2025, as compared to 1.6%, 1.2% and 1.1% respectively in December 2024.
On a seasonally adjusted basis, for the 3-month period ending January 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.2%, 0.1% and 0.1% respectively. The corresponding rates of change for the 3-month period ending December 2024 were all 0.1%. 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 January 2025 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending December 2024 were 0.3%, 0.1% and 0.1% respectively.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in January 2025 for alcoholic drinks and tobacco (20.7%), electricity, gas and water (13.2%), transport (4.0%), miscellaneous services (2.8%), meals out and takeaway food (1.7%), housing (1.5%), miscellaneous goods (0.8%), and basic food (0.3%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in January 2025 for clothing and footwear (-3.4%), and durable goods (-1.0%).
For the 3 months ending January 2025, the Composite CPI rose by 1.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.9%, 1.5% and 1.3% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.3%, 1.7%, 1.2% and 1.2% respectively.
For the 12 months ending January 2025, the Composite CPI was on average 1.8% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.1%, 1.6% and 1.5% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.1%, 1.1% and 1.2% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation was modest in January. Food prices as a whole continued to record mild year-on-year increases. Prices of energy-related items picked up further, but remained moderate. Price pressures on other major components stayed broadly in check. As the Chinese New Year this year falls on a different month compared to that in the preceding year, it would be more prudent to examine the figures for January and February combined, when available, to assess the underlying inflation situation.
Looking ahead, overall inflation should remain moderate in the near term. As the Hong Kong economy continues to grow, domestic costs may see some upward pressures. External price pressures should remain contained. However, uncertainties stemming from geopolitical tensions and trade conflicts warrant attention. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for January 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).
