观点网讯：2月25日，香港政府统计处公布2026年1月份的消费物价指数。 展望未来，外围价格压力料会大致维持温和，本地成本则或会随香港经济继续增长而略有上升。不过， 整体通胀短期内应维持轻微。 在各类综合消费物价指数组成项目中，价格在2026年1月录得按年升幅的类别为电力、燃气及水（上升 3.0%）、杂项服务（上升2.9%）、烟酒（上升2.7%）、杂项物品（上升2.3%）、交通（上升1.3%）、 住屋（上升1.1%），以及外出用膳及外卖（上升1.0%）。 另一方面，综合消费物价指数在2026年1月录得按年跌幅的类别为耐用物品（下跌2.8%）、衣履（下跌 2.3%），以及基本食品（下跌0.3%）。 截至2026年1月止的3个月，综合消费物价指数较一年前同期上升1.3%，而甲类、乙类及丙类消费物价 指数分别上升1.4%、1.2%及1.2%。剔除所有政府一次性纾困措施的影响，相应升幅则分别为1.1%、 1.0%、1.1%及1.2%。 截至2026年1月止的12个月，综合消费物价指数较1年前同期平均上升1.4%，甲类、乙类及丙类消费物 价指数的相应升幅分别为1.8%、1.2%及1.0%。剔除所有政府一次性纾困措施的影 ...

Core Viewpoint - The Consumer Price Index (CPI) in Hong Kong for January 2026 shows a year-on-year increase of 1.1%, a decrease from 1.4% in December 2025, indicating a slowdown in inflation rates [1][4]. Summary by Categories Overall CPI - The basic inflation rate, excluding one-off government relief measures, is 1.0% for January 2026, down from 1.2% in December 2025 [1][4]. - The average monthly increase in the CPI for the three months ending January 2026 is 0.2%, consistent with the previous three months [1]. Sub-Indices - The year-on-year increases for the categories of the CPI in January 2026 are as follows: Class A at 1.3%, Class B at 1.2%, and Class C at 0.9%, all lower than December 2025 figures [2]. - The average monthly increase for the three months ending January 2026 for Class A, B, and C is 0.3%, 0.2%, and 0.2% respectively, compared to 0.1%, 0.2%, and 0.3% in the previous period [2]. Price Changes by Category - Categories with year-on-year price increases in January 2026 include: electricity, gas, and water (up 3.0%), miscellaneous services (up 2.9%), tobacco and alcohol (up 2.7%), miscellaneous goods (up 2.3%), transportation (up 1.3%), housing (up 1.1%), and dining out and takeaways (up 1.0%) [3]. - Categories experiencing year-on-year price declines include durable goods (down 2.8%), clothing (down 2.3%), and basic food items (down 0.3%) [3]. Future Outlook - The government spokesperson indicates that inflation remains mild, with the basic CPI expected to maintain a slight increase due to controlled price pressures across major components [4]. - Future external price pressures are anticipated to remain moderate, while local costs may rise slightly with continued economic growth in Hong Kong [4].

Core Viewpoint - The inflation rate in Macau for the year 2025 is projected to be 0.33%, with the Consumer Price Index (CPI) rising by 0.69% year-on-year in December 2025 and by 0.17% month-on-month [1]. Group 1: Yearly Inflation and Price Index Changes - The CPI for food and non-alcoholic beverages increased by 0.62% year-on-year, driven by higher costs for dining out, takeout, bread, and rice, while prices for fresh fish and pork decreased [1]. - The housing and fuel category saw a year-on-year increase of 0.25%, primarily due to rising housing rents, although lower electricity prices mitigated the overall increase [1]. - Significant year-on-year increases were observed in the recreation, sports, and culture category (+2.02%) and miscellaneous goods and services (+1.85%) [1]. - Conversely, categories such as information and communication (-2.82%), clothing (-1.88%), and transportation (-1.15%) experienced price declines [1]. - The average CPI for Class A and Class B goods rose by 0.28% and 0.37% year-on-year, respectively [1]. Group 2: Monthly Inflation and Price Index Changes - Compared to November 2025, the CPI increased by 0.17% in December, with transportation (+1.65%) and clothing (+0.97%) categories seeing price increases due to higher airfares and clothing prices [2]. - The tobacco and alcohol category saw a month-on-month decrease of -0.68% due to lower prices for alcoholic beverages, while food and non-alcoholic beverages recorded a slight decline of -0.03% due to falling vegetable prices [2]. - The average CPI for the fourth quarter of 2025 rose by 0.67% year-on-year, with Class A and Class B goods increasing by 0.61% and 0.72%, respectively [2]. - Compared to the third quarter of 2025, the average CPI increased by 0.27% [2].

Core Viewpoint - The overall consumer price index (CPI) in Hong Kong increased by 1.4% year-on-year in December 2025, up from a 1.2% increase in November 2025, indicating a slight rise in inflation pressures driven by higher travel and transportation costs [1] Group 1: Consumer Price Index Overview - The CPI for December 2025 showed a year-on-year increase of 1.4%, with the basic inflation rate (excluding one-off government relief measures) at 1.2%, up from 1.0% in November 2025 [1] - The seasonally adjusted average monthly increase in CPI for the three months ending December 2025 was 0.2%, compared to 0.1% for the three months ending November 2025 [1][2] - The year-on-year increases in the CPI categories for December 2025 were 1.5% for Category A, 1.3% for Category B, and 1.4% for Category C, with respective increases of 1.5%, 1.1%, and 1.1% in November 2025 [1] Group 2: Detailed Price Changes - In December 2025, categories with year-on-year price increases included transportation (up 4.3%), miscellaneous services (up 2.3%), tobacco and alcohol (up 2.0%), housing (up 1.6%), miscellaneous goods (up 1.2%), dining out and takeaways (up 1.1%), and basic food items (up 0.7%) [2] - Conversely, categories that recorded year-on-year price declines included durable goods (down 2.6%), clothing (down 1.7%), and electricity, gas, and water (down 1.6%) [2] Group 3: Quarterly and Annual Trends - In the fourth quarter of 2025, the CPI rose by 1.3% year-on-year, with Category A, B, and C indices increasing by 1.4%, 1.2%, and 1.2% respectively [3] - For the entire year of 2025, the CPI increased by 1.4%, with Category A, B, and C indices rising by 1.9%, 1.3%, and 1.1% respectively [3] - The government spokesperson noted that inflation remained mild in December 2025, with the basic CPI rising by 1.2% year-on-year, and the overall inflation expected to remain mild in the short term due to controlled price pressures [3]

Core Viewpoint - UBS indicates that the gradual interest rate hikes by the Bank of Japan and the moderate rate cuts by the Federal Reserve are unlikely to lead to a significant decline in the USD/JPY exchange rate [1][2]. Economic Indicators - UBS expresses concerns regarding Japan's fiscal budget, noting that the latest forecasts suggest a persistent basic fiscal deficit, although the debt-to-GDP ratio may decrease [1][2]. - The firm is monitoring upcoming data releases, including the Tokyo Consumer Price Index (CPI), industrial production, and wage data [1][2]. - It predicts that the Tokyo core CPI will slow from an annual rate of 2.8% in November to 2.6% in December due to a decrease in electricity prices, while the core CPI is expected to remain at 2.8% [1][2].

Group 1 - The overall consumer price index in Hong Kong increased by 1.2% year-on-year in November, consistent with the rise in October [1] - Excluding the impact of one-off government relief measures, the underlying inflation rate for November was 1%, also unchanged from October [1] - Categories that saw year-on-year price increases in November included transportation (up 3.5%), tobacco and alcohol (up 2.1%), miscellaneous services (up 1.9%), housing (up 1.6%), dining out and takeaways (up 1.3%), miscellaneous items (up 1.3%), and basic food items (up 0.7%) [1] Group 2 - Categories that experienced year-on-year price declines included clothing (down 4.1%), durable goods (down 3.3%), and utilities such as electricity, gas, and water (down 0.5%) [1] - A government spokesperson indicated that inflation remains at a low level, with price pressures across major components being generally controlled [1] - Looking ahead, overall inflation is expected to remain mild in the short term due to controlled cost pressures from both local and external sources [1]

截至2025年11月止的三个月，综合消费物价指数同比上升1.2%，而甲类、乙类及丙类消费物价指数同 比分别上升1.4%、1.0%及1.0%。剔除所有政府一次性纾困措施的影响，相应升幅则分别为1.0%、 1.1%、1.0%及1.0%。 新华财经香港12月22日电（记者林迎楠）香港特区政府统计处22日公布11月的消费物价指数显示，香港 11月整体消费物价同比上升1.2%。 从细分指数分析，11月，甲类、乙类及丙类消费物价指数分别同比上升1.5%、1.1%及1.1%，剔除所有 政府一次性纾困措施的影响，甲类、乙类及丙类消费物价指数同比分别上升0.9%、1.0%及1.1%。 在各类综合消费物价指数组成项目中，价格在11月同比上升的类别有交通、烟酒、杂项服务、住屋、外 出用膳及外卖、杂项物品，以及基本食品，同比分别上升3.5%、2.1%、1.9%、1.6%、1.3%、1.3%以及 0.7%。另一方面，综合消费物价指数在11月同比下跌的类别有衣履、耐用物品，以及电力、燃气及 水，同比分别下跌4.1%、3.3%以及0.5%。 特区政府发言人表示，11月消费物价通胀仍处于低水平，基本综合消费物价指数按年上升维持在 1.0%。 ...

Core Viewpoint - The overall consumer price index (CPI) in Hong Kong increased by 1.2% year-on-year in November 2025, maintaining the same growth rate as October 2025. The basic inflation rate, excluding one-off government relief measures, was 1.0% for the same period [1][3]. Group 1: Consumer Price Index Overview - The average monthly increase in the seasonally adjusted CPI for the three months ending November 2025 was 0.1%, consistent with the previous three months [1][2]. - The year-on-year increases for categories A, B, and C of the CPI in November 2025 were 1.5%, 1.1%, and 1.1%, respectively, compared to 1.4%, 1.1%, and 1.0% in October 2025 [1][2]. Group 2: Detailed Category Analysis - The categories that recorded year-on-year price increases in November 2025 included transportation (up 3.5%), tobacco and alcohol (up 2.1%), miscellaneous services (up 1.9%), housing (up 1.6%), dining out and takeaways (up 1.3%), miscellaneous items (up 1.3%), and basic food items (up 0.7%) [2]. - Conversely, categories that experienced year-on-year price declines included clothing (down 4.1%), durable goods (down 3.3%), and electricity, gas, and water (down 0.5%) [2]. Group 3: Year-to-Date and Future Outlook - For the first eleven months of 2025, the overall CPI increased by 1.4%, with category A, B, and C indices rising by 1.9%, 1.3%, and 1.1%, respectively [3]. - The government spokesperson indicated that inflation remains low, with the basic CPI year-on-year increase holding steady at 1.0%, and overall inflation is expected to remain mild in the short term due to controlled cost pressures [3].

Group 1 - The core viewpoint of the articles indicates that Macau's Composite Consumer Price Index (CPI) has shown a year-on-year increase of 0.72% and a month-on-month increase of 0.11% as of November 2025, with an average CPI increase of 0.29% over the past twelve months [1][2] Group 2 - In November, the price index for food and non-alcoholic beverages increased by 1.25% year-on-year, driven by higher costs for dining out and takeout services, while housing rent adjustments contributed to a 0.17% increase in the housing and fuel category [1] - Significant increases were observed in the Recreation, Sports, and Culture category (+3.08%) and Miscellaneous Goods and Services (+1.97%), while the Information and Communication category (-2.31%) and Clothing (-1.05%) saw declines [1] Group 3 - Month-on-month comparisons show that the Composite CPI rose by 0.11% in November, with the food and non-alcoholic beverages category increasing by 0.34%, primarily due to rising prices of fruits, vegetables, and fresh fish [2] - The average CPI for the first eleven months of the year increased by 0.30% year-on-year, with the price indices for Class A and Class B goods rising by 0.24% and 0.34%, respectively [2]

Core Insights - The overall consumer price index (CPI) in Macau increased by 0.60% year-on-year in October 2025 and by 0.03% month-on-month [1] - For the twelve months ending in October 2024, the average CPI rose by 0.26% compared to the same period last year [1] Price Index Changes - The food and non-alcoholic beverages category saw a year-on-year price increase of 0.70, driven by higher costs for dining out and takeout services [1] - Housing and fuel categories increased by 0.33% due to rising rental prices [1] - Significant year-on-year increases were noted in tobacco and alcohol (+2.48%) and recreation, sports, and culture (+2.35%) [1] - Conversely, the information and communication category saw a decrease of 2.57%, while clothing prices fell by 1.07% [1] Month-on-Month Changes - Compared to September, the overall CPI in October rose by 0.03% [2] - The food and non-alcoholic beverages category increased by 0.08%, primarily due to higher vegetable prices and increased dining costs [2] - Clothing (+1.30%) and miscellaneous goods and services (+0.92%) also recorded increases [2] - However, housing and fuel (-0.27%) and transportation (-0.17%) categories experienced declines due to lower electricity prices and airfare [2] Average Price Index Trends - For the twelve months ending in October, the average CPI in Macau rose by 0.26% year-on-year [2] - Categories with notable increases included miscellaneous goods and services (+1.99%), recreation, sports, and culture (+1.60%), and education (+1.17%) [2] - The information and communication category saw a decline of 2.51%, while transportation prices fell by 1.85% [2] - The average price indices for Class A and Class B increased by 0.21% and 0.29%, respectively [2]