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Wednesday,  Sep 20,2017,14:43 (GMT+7)

August CPI edges up on food, fuel price hikes

Minh Tam
Wednesday,  Aug 30,2017,22:41 (GMT+7)
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August CPI edges up on food, fuel price hikes

Minh Tam

HCMC – The consumer price index (CPI) has picked up 0.92% this month against July as food and fuel products in the basket of commodities used for CPI calculation have marked up.

Data of the General Statistics Office shows food prices have risen by a sharp 1.64% against July. Of which, the prices of livestock and poultry meat have edged up again after staying low for a long time due to their substantial oversupply. Besides, rain and flood have had adverse effects on vegetable farming, resulting in their prices increasing.

The price of food and catering services, which are the most-weighted group in the basket of commodities for CPI calculation, has picked up 1.06% month-on-month.

Notably, the traffic group has significantly risen by 2.13% over the previous month, as a result of fuel price hikes on August 4 and 19.

Some other commodity groups with marked price hikes include medicines and healthcare services rising by 2.86%, education by 0.57%, and housing and construction materials by 0.93%.

The remaining groups, namely beverage and cigarettes; apparel, footwear and hats; culture, entertainment and tourism; as well as other goods and services have seen their prices increasing by less than 0.1%.

On the contrary, the group of postal services and telecommunications has seen prices falling 0.04%.

Overall, this month’s CPI has inched up 1.23% over December last year and 3.35% year-on-year. The index in the year to date has expanded 3.84% compared to the same period last year.

Core inflation based on the CPI excluding food and foodstuff, energy and commodities under State management including healthcare and education services has grown by a mere 0.1% this month against July and 1.31% year-on-year.

Core inflation in the eight-month period has gone up 1.47% over the same period last year.

The CPI in cities has been outgrown by that in rural areas, with respective rises of 0.82% and 1.01%.

Many localities have seen their CPI higher than the country’s average, with Hanoi reporting a pickup of 1.34%, Khanh Hoa (1.04%), Vinh Long (1.28%) and Can Tho (1.64%).

Meanwhile, HCMC has seen CPI increasing by a mere 0.5%, the lowest compared to other localities where prices of many goods have stayed unchanged.

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