Overall consumer prices in Hong Kong increased by 2.0 percent in May 2026 over the same month a year earlier, up from a 1.7 percent rise in the previous month, as increases in prices of fuel-related components continued to pick up.

Netting out the effects of all one-off relief measures offered by the special administrative region government, the year-on-year rate of increase in the Composite Consumer Price Index, or the underlying inflation rate, in May was 1.9 percent, also larger than that in April, which was 1.6 percent.

The government attributed May’s larger increase in inflation mainly to the accelerated increases in inbound and outbound transport fares, charges for package holidays, and increases in the charges for health services.

Amongst the various components of the composite CPI, year-on-year increases in prices were seen last month for electricity, gas and water (6.6 percent), transport (5.1 percent), miscellaneous services (5.1 percent), miscellaneous goods (2.9 percent), alcoholic drinks and tobacco (2.5 percent), housing (1.1 percent), clothing and footwear (1.0 percent), meals out and takeaway food (0.8 percent), and basic food (0.4 percent).

According to CPI figures released by the Census and Statistics Department on Tuesday, a year-on-year decrease in the component of the composite CPI was recorded in May for durable goods (-1.2 percent).

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Taking the first 5 months of this year together, the composite CPI rose by 1.7 percent over the same period a year earlier, while the composite CPI for the 12 months ending May on average rose by 1.4 percent over the same period a year earlier, the data shows.

Looking ahead, a government spokesman said while the recent de-escalation of geopolitical tensions in the Middle East has contributed to a decline in international oil prices, the earlier surge in oil prices will continue feeding through to fuel-related components of consumer prices in the coming months.

Prices in other areas remain largely stable, which should help keep overall inflation moderate, added the spokesman.