Core Viewpoint - The overall consumer price index (CPI) in Hong Kong increased by 1.1% year-on-year in January 2026, a decrease from the 1.4% rise in December 2025, indicating a slowdown in inflation [1][3]. Group 1: Consumer Price Index Overview - The basic inflation rate, excluding one-off government relief measures, was 1.0% year-on-year in January 2026, down from 1.2% in December 2025 [1][3]. - The average monthly increase in the seasonally adjusted CPI for the three months ending January 2026 was 0.2%, consistent with the previous three months ending December 2025 [1][2]. Group 2: Subcategory Analysis - The year-on-year increases in the CPI subcategories for January 2026 were as follows: Class A (1.3%), Class B (1.2%), and Class C (0.9%), compared to December 2025 where the increases were 1.5%, 1.3%, and 1.4% respectively [1][2]. - Excluding government relief measures, the year-on-year increases for Class A, B, and C in January 2026 were 1.0%, 1.0%, and 0.9%, respectively, compared to 1.0%, 1.2%, and 1.4% in December 2025 [1][2]. Group 3: Price Changes by Category - Categories that recorded year-on-year price increases in January 2026 included 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 takeout (up 1.0%) [2]. - Conversely, categories that experienced year-on-year price declines included durable goods (down 2.8%), clothing (down 2.3%), and basic food items (down 0.3%) [2]. Group 4: Future Outlook - The government spokesperson indicated that inflation remains mild, with the basic CPI expected to maintain a slight increase in the short term due to controlled price pressures across major components [3]. - Future external price pressures are anticipated to remain moderate, while local costs may rise slightly as the Hong Kong economy continues to grow [3].

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]

Core Insights - The overall Consumer Price Index (CPI) in Hong Kong increased by 1.2% year-on-year in November [1] - The price indices for categories A, B, and C rose by 1.5%, 1.1%, and 1.1% respectively, with adjusted figures excluding government relief measures showing increases of 0.9%, 1.0%, and 1.1% [1] - Key categories experiencing price increases included transportation (3.5%), tobacco and alcohol (2.1%), miscellaneous services (1.9%), housing (1.6%), dining out and takeaways (1.3%), miscellaneous items (1.3%), and basic food (0.7%) [1] - Categories that saw price declines included clothing and footwear (-4.1%), durable goods (-3.3%), and electricity, gas, and water (-0.5%) [1] Inflation Outlook - The government spokesperson indicated that inflation remains low, with the basic composite CPI maintaining a year-on-year increase of 1.0% [2] - Price pressures across major components are generally under control, suggesting that overall inflation is expected to remain mild in the short term due to manageable cost pressures from both local and external sources [2]

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]