Inflation Hong Kong 2023
Average inflation: 2.1%
Current Inflation
Inflation is normal at 2.1%, around the ECB target.
Peak and Trough
The highest inflation was in October at 2.8%. The lowest inflation was in March at 1.6%.
- Highest month
- October: 2.8%
- Lowest month
- March: 1.6%
- Difference
- 1.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Core inflation with an average of 1.5%. The lowest price increase was in Food with an average of 0.9%.
- Highest increase
- Core inflation: 1.5%
- Lowest increase
- Food: 0.9%
Historical Context
Current inflation is around the 5-year average of 1.7%.
- 5-year average
- 1.7%
- 10-year average
- 2.2%
- All-time high (2011)
- 5.3%
- All-time low (2020)
- 0.2%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (+0.2 percentage point).
- Change vs. previous year
- +0.2 percentage points
- Largest monthly swing
- September: -2.3 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 2.4% | +1.2 |
| February | 1.7% | 0.0 |
| March | 1.6% | -0.2 |
| April | 2.0% | +0.7 |
| May | 2.0% | +0.7 |
| June | 1.9% | 0.0 |
| July | 1.8% | -0.1 |
| August | 1.7% | -0.2 |
| September | 2.0% | -2.3 |
| October | 2.8% | +1.0 |
| November | 2.5% | +0.7 |
| December | 2.4% | +0.4 |
| Average | 2.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.