Economists warn that the oil crisis stemming from the Middle East war could trigger widespread imported inflation in Hong Kong. The rising costs, predicted to impact items like toilet paper and laundry services, are expected to hit households more quickly than they affect overall economic growth.

With various Hong Kong industries battered by the world’s highest petrol and diesel prices, economists and business leaders predict the oil crisis caused by the Middle East war will trigger a wave of imported inflation, driving up the cost of items ranging from toilet paper and laundry services to asphalt. Analysts have warned that the adverse impact on inflation will be more immediate than the effect on economic growth, with some saying the repercussions will emerge in the third and fourth...