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Wednesday, July 24, 2024

Consumer prices still high despite fuel price fall

By Hung Le

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HCMC – Even though local fuel prices have declined by over VND6,500 per liter, the spikes in prices of essential goods and services have shown little sign of letting up.

Truong Tien Dung, vice chairman of the HCMC Food and Foodstuff Association (FFA), told The Saigon Times on August 1 that it would take time to see the prices of food and commodities declining.

During the first half of this year, along with fuels, consumer goods have marked up in price, significantly affecting daily life.

Speaking at a press briefing on the Vietfood & Beverage – Propack 2022 Exhibition in HCMC, Dung said that the consumer price hikes were attributed to many factors, including the surging fuel prices and the rising costs of input materials and labor.

Aside from these factors, the costs of transport, packaging, electricity, and water have continued to stay high, he added.

The recent fuel price falls could directly benefit transport and logistics businesses, but stable fuel prices are needed. The fuel prices might move up at any time.

Dung added that the food and food processing industry has greatly suffered, especially in terms of supplies, due to the pandemic. However, most food and beverage processing enterprises have got back to stable production to meet consumers’ needs.

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