Friday, 23 Aug 2019

Vietnam consumer prices rise 0.1% m/m in January

Updated at Tuesday, 29 Jan 2019, 12:15
The Hanoitimes - Core inflation in January picked up 0.3% month-on-month, resulting in an increase of 1.83% year-on-year.
Vietnam's consumer price index (CPI), a gauge of inflation, saw an increase by 0.10% in January against the previous month, and up 2.56% year-on-year, according to the General Statistics Office (GSO). 
Illustrative photo.
Illustrative photo.
Nine out of 11 commodity groups, which are components of the basket for CPI calculation, witnessed monthly hikes in prices, of which, beverages and cigarettes posted the highest increase of 0.69%, followed by food and catering services 0.66%, and garment, footwear and hat group 0.39%, mainly due to high consumption demand in preparation for Tet holidays. 

Prices of other groups also picked up such as housing, water and electricity supply, and construction materials (0.35%); culture, entertainment, and tourism (0.33%); household equipment and appliances (0.16%); education (0.15%); medicine and healthcare services (0.01%); goods and other services (0.34%).

Transportation and Post and telecommunication service price were the two commodity group and service that experienced a decline, by 3.04% and 0.09%, respectively. 

According to the GSO, core inflation in January picked up 0.3% month-on-month, resulting in an increase of 1.83% year-on-year. 

Previously, experts said under favorable conditions, it is feasible for Vietnam to tame inflation at below 4% as targeted in 2019, citing the CPI below 4% and the core inflation rate under 2% over the past few years as reason. 

In 2018, the CPI increased by 3.54% against 2017, below the target of 4% set by the National Assembly. 

Bao Viet Securities Company in its latest report predicted the inflation to fluctuate at around 3.5% in 2019, leading to unchanged interest rates compared to 2018.  
Ngoc Thuy
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