Hanoi (VNA) - Vietnam’s consumer price index (CPI) in the first seven months of 2024 rose by 4.12% from the same time last year, mostly due to increases in tuition fees, healthcare services, housing costs, and prices of power, water, fuel, and building materials, according to the General Statistics Office (GSO).

♕ Surging petrol prices, high electricity demand, and increased health insurance premiums pushed up the CPI in July to 0.48% as compared to the previous month, said Nguyen Thu Oanh, Director of the GSO’s Price Statistics Department. Accordingly, the CPI in July increased by 1.89% as compared to the figure in December 2023, and rose by 4.36% from one year ago. As a result, the CPI in the January-July period increased by 4.12% from the same time last year.

Ten out of 11 main groups of goods and services see growing prices

According to the GSO’s report, in the July CPI, the urban area experienced a 0.43% rise while the rural area saw a 0.52% increase as compared to the same period last year.

Among the 11 main groups of consumer goods and services, 10 saw price hikes compared to the previous month, while postal and telecommunications services remained unchanged.

The group of medicine and medical services recorded the highest increase of 8.13%, followed by education with prices climbing by 8% as a result of higher tuition fees in several provinces and cities in the 2023-2024 academic year.

Other goods and services grew by 6.93%, with the fees of notary, insurance, and other services expanding by 17.86% and personal services by 6.5%.

Transport costs recorded an increase of 4.4%, and that of food and catering services was up 4.27%. Also in the month, domestic gold prices fell 0.12% as compared to June, while rising by 18.11% to December last year, and 29.39% year-on-year.

💎 The GSO also said that core inflation in July soared 0.36% month-on-month, and 2.61% against the same time last year. On average, the January-July core inflation grew by 2.73% year-on-year.

CPI goes up in both largest cities

In the capital city of Hanoi, the July CPI rose by 0.51% from the previous month, 1.23% as compared to the figure in December 2023, and 5.51% from the same period last year. The average CPI in the first seven months of 2024 increased by 5.36% from the same time in 2023. In July, and back to the beginning of the year, 10 out of the 11 main groups of consumer goods and services witnessed price hikes, while the postal and telecommunications services saw a decrease. In the southern largest economic hub of Ho Chi Minh City, the July CPI also rose by 0.23% from the previous month. Out of 11 groups of products and services, seven experienced increases, with the most notable rise in the other goods and services category, meanwhile beverages and tobacco saw the strongest decline. In the reviewed month, food and dining services rose by 0.11%, contributing 0.03 of a percentage point to the overall CPI. The transport group increased by 1.60%, contributing 0.15 of a percentage point to the overall CPI, primarily due to a 3.81% rise in gasoline prices following three price adjustments in July. In contrast, the group of housing, electricity, water, fuels, and building materials decreased by 0.10%, mainly thanks to a 0.68% drop in water prices and a 1.39% decrease in electricity prices. Items that experienced price declines include transport vehicles, which fell by 0.44% due to adjustments in car prices, and spare parts. Culture, entertainment, and tourism groups saw a 0.06% reduction. The average CPI in the first seven months of this year rose by 3.29%, with 10 out of the 11 categories seeing price increases. The highest rise was seen in the group of medicines and healthcare services, at 7.78%, followed by education at 7.48%./.