Overall consumer prices rose by 1.4 percent in December compared to the same month the year before, official figures showed on Tuesday.
It was the same rate as seen in October and November.
The Census and Statistics Department said underlying inflation, which nets out the effects of the government's one-off relief measures, rose 1.3 percent year-on-year, slightly higher than the 1.2 percent in November.
Prices for alcoholic drinks and tobacco saw the biggest increase last month, rising 21.2 percent year-on-year.
This was followed by the prices for electricity, gas, and water, which rose 11.4 percent.
Clothing and footwear prices fell, however, by 3.2 percent.
A government spokesperson said underlying consumer price inflation remained modest last month, with prices of major components broadly in check.
"Looking ahead, overall inflation should remain moderate in the near term. As the Hong Kong economy continues to grow, domestic cost may see some upward pressures. External price pressures should remain contained, though uncertainties from the external environment warrant attention," the spokesperson added.
For 2024 as a whole, overall consumer prices were 1.7 percent higher than in the previous year, while the underlying inflation rate stood at 1.1 percent.