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Hong Kong’s annual inflation rate remained stable at 1.2% in November 2025, maintaining the highest level since July 2025 and unchanged from October. Faster price growth in food (1.1% vs 0.9% in October) and transport (3.5% vs 3.1%), along with a smaller decline in clothing and footwear (-4.1% vs -4.7%), was offset by slower price growth in miscellaneous services (1.9% vs 2.0%) and a further drop in electricity, gas and water (-0.5% vs -0.3%). Prices were unchanged in housing (1.6%), miscellaneous goods (1.3%), and durable goods (-3.3%). On a monthly basis, consumer prices were flat in November, following a 0.3% rise in October. Excluding the government’s one-off relief measures, the underlying inflation rate remained at 1.0%, unchanged from October.