The rise in August’s CPI was fuelled by high price of food. (Photo: VNA)Hanoi (VNA) – Vietnam’s consumer price index (CPI) in August inchedup 0.45 percent month-on-month, and 3.89 percent from the same time last year,pushing up the eight-month figure to 3.52 percent year on year, according tothe General Statistics Office (GSO).
Among the 11 main commodity groups, 10 experienced price rise, including foodand catering services (0.87 percent); education (0.46 percent); housing andbuilding materials (0.44 percent); culture, entertainment and tourism (0.19percent), and transportation (0.13 percent). Only posts and telecommunicationservices saw price drop of 0.07 percent.
Director of the GSO’s Price Statistic Department Do Thi Ngoc said that the risein August’s CPI was fuelled by high price of food, especially pork which swelled3.41 percent from previous month. She also attributed the hike of 2.87 percentin vegetable price to the impact of heavy rains and floods.
In addition, gas price was adjusted up 11,000 VND per 12-kilogramme gas tank inAugust, or 2.8 percent higher than the previous month, she said, adding thatprices of construction materials moved up by 0.42 percent.
There was an increase in the tuition fees in some provinces and central-levelcities under the Government’s Decree No.86/2015/ND-CP.
Meanwhile, a surge in VND/USD exchange rate resulted in price rise of importedproducts like gasoline, cars, motorbikes, liquor, tobacco, and tours to foreigncountries.
A fall in the prices of railway tickets and electronic products are said todrag down the CPI in the month.
During the month, gold prices fell in tandem with the global prices to around 36.7million VND (1,578 USD) per tael, down 1.41 percent from July.
The VND/USD exchange rate fluctuated as USD grew stronger than other foreigncurrencies. However, thanks to the flexible monetary policy from the State Bankof Vietnam, the trading band of VND/USD was around 3 percent. Each USD was soldfor an average of 23,330 VND, increasing 1.12 percent against last month.
Basic inflation (CPI exclusive of foodstuff, fresh food, energy, healthcare andeducation service) in the first eight months stood at 1.38 percent, reflectinga stable monetary policy.
The GSO forecast a rise in September’s CPI due to price surge in educationservice, pork price, gas and gasoline.-VNA
VNA
