Macao recorded an inflation rate of just 0.33 percent in 2025, a drop of 0.41 points when compared to the 0.74 percent recorded in 2024. This compares with the IMF’s projected average global headline inflation rate of 4.2 percent for the same year, and virtually flat prices for the rest of China.
According to data from the Statistics and Census Service (known by its Portuguese initials DSEC), the average composite consumer price index (CPI) of food and non-alcoholic beverages witnessed a year-on-year growth of 0.62 percent due to the higher prices of restaurant and takeout food, as well as the increased cost of staples such as biscuits, bread and rice.
Housing and fuels also experienced a price hike of 0.25 percent over the previous year, with the DSEC explaining that this was due to rising rental rates, although the increase was said to have been “moderated” by lower electricity fees.
Other goods and services that recorded a year-on-year CPI jump included recreation, sport and culture (+2.02 percent), miscellaneous goods and services such as jewellery, insurance and personal care products (+1.85 percent), education (+1.32 percent), alcohol beverages and tobacco (+1.06 percent) and health (+0.76 percent).
Items that experienced a price decline between 2024 and 2025 included information and communication (-2.82 percent), clothing and footwear (-1.88 percent), transport (-1.15 percent) and household furnishing and services (-0.16 percent).
[See more: Macao’s economy is expected to remain stable in the first quarter]
The December 2025 CPI meanwhile rose by 0.69 percent over the same period in 2024. Goods and services with year-on-year price increases included recreation, sport and culture; miscellaneous goods and services, as well as food and non-alcoholic beverages, which recorded increases of 1.89 percent, 1.84 percent and 1.27 percent respectively.
Conversely, the CPI for information and communication, as well as clothing and footwear dipped by 2.22 percent and 0.44 percent year-on-year.
When compared to the previous month, December 2025’s CPI represents a 0.17 percent growth. Transport witnessed a month-on-month increase of 1.65 percent, with DSEC noting that it was caused by higher airfares. Similarly, a jump in the cost of adult clothing resulted in the CPI of clothing and footwear expanding by 0.97 percent.
Goods and services that saw their prices dip between November and December included alcoholic beverages and tobacco (-0.68 percent), as well as food and non-alcoholic beverages (-0.03 percent).
As for the CPI during the fourth quarter of 2025, the figure experienced a year-on-year jump of 0.67 percent.
According to DSEC, its CPI data takes into account 788 types of goods and services, featuring information from 1,280 shops, as well as a monthly average of 11,000 prices.
