Photo taken of a customer shopping at Metro Cash & Carry supermarket in Hanoi. (Source: VNA)
Hanoi (VNA) - The consumer price 𒈔index (CPI) this year would rise more than in 2015 due to a number of factors, statistics official have forecast.
Deputy Director of the Pricing Statistics Department under the General Statistics Office Do Thi Ngoc said some factors affected inflation this year including an increase in tuition fees, healthcare services and minimum wages.
Besides, Ngoc said, power supply is also set to improve this year as the rise in early 2015 was only 7.5 percent, the lowest level in a plan suggested by the Ministry of Industry and Trade.
She said that the exchange rate would also have an impact on inflation this year. The rate could be also adjusted upwards next time in wake of a rise in the United States (US) dollar as well as an increase in lending demands.
However, Ngoc said, there would be some other factors that could restrain the CPI rise this year.
The oil price in the global market is forecast to continue its decline this year due to a high supply source while the price of agricultural produce is also likely to reduce in wake of fiercer competition.
In the latest macro report released last week, Bao Viet Securities Company (BVSC) also forecast that inflation could accelerate this year due to a number of factors.
These include the possibility of global commodity prices bottoming out, adverse effects of the El Nino phenomenon, the delay in the State Bank of Vietnam (SBV)'s expansive monetary policy, and the higher consumer demand, the brokerage agency warned.
The BVSC forecast that the CPI would increase between 3 percent and 5 percent this year, compared to 0.6 percent last year.
The brokerage agency expected inflation to be revised gradually to between 5 percent and 7 percent for the 2016 to 2020 period and the SBV would maintain a gap between interest rates in the dong and the greenback to ease upward pressure on the dong.
According to the BVSC, the dong could weaken by 3 percent to 4 percent against the US dollar in 2016, based on presumptions that Vietnam's overall balance of payments would post a surplus of 5 billion USD, the US Fed could lift the interest rate by 1 percent and the Chinese yuan could continue to be devalued.
Interest rates on dong-denominated deposits are expected to rise 0.6 to 1 percentage point this year, driven by rapid credit growth in 2015.
The BIDV Securities Company this month also forecast that consumer prices could increase between 1.8 percent and 3.5 percent this year, while the USD/VND rate would likely weaken between 5 percent and 8 percent.-VNA
Vietnam’s economy has expanded at a speed of 6.68 percent in 2015, the fastest rate during the period 2011-2015, according to the General Statistics Office (GSO).
Vietnam's retail sales of goods and services rose 9.5 percent this year, the largest increase since 2011, as low inflation and strong economic growth bolstered consumer confidence.
Vietnam has set goals for GDP to grow by 6.5-7 percent and inflation to be kept at around 5-7 percent in the next five years, the Ministry of Planning and Investment said.
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Photo taken of a customer shopping at Metro Cash & Carry supermarket in Hanoi. (Source: VNA)
