Hong Kong’s annual inflation rate eased to 1.1% in January 2026, down from 1.4% in December. Price growth slowed for housing (1.1% vs 1.6% in December), food (0.5% vs 1%), and transport (1.3% vs 4.3%). At the same time, deflation deepened for durable goods (-2.8% vs -2.6%) and clothing and footwear (-2.3% vs -1.7%). In contrast, prices rebounded for electricity, gas and water (3% vs -1.6%), while inflation increased for miscellaneous services (2.9% vs 2.3%), miscellaneous goods (2.3% vs 1.2%), and alcoholic drinks and tobacco (2.7% vs 2%). On a monthly basis, consumer prices edged up 0.2% in January, down from 0.3% in the previous month. Excluding the government’s one-off relief measures, underlying inflation rose 1%, slowing from 1.2% in December.