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Wednesday, November 30, 2022

CPI growth in 2021 at five-year low

The Saigon Times

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HCMC – Vietnam’s consumer price index (CPI) in 2021 has edged up 1.84% year-on-year, the lowest rate since 2016, according to the General Statistics Office (GSO).

Core inflation, which excludes the prices of fresh food, energy, and state-controlled healthcare and education services, has inched up 0.81% against the year earlier.

In December alone, the CPI has declined 0.18% month-on-month. GSO’s socioeconomic performance report, released today, December 29, attributed the fall to the local fuel price cuts this month, the Covid-19 pandemic, and school fee reductions and exemptions in some parts of the country.

Nguyen Thi Huong, head of GSO, said the CPI in December had risen 1.81% versus the same period last year. Among the 11 groups of consumer goods and services in the basket of items used to calculate the CPI, eight groups have marked up in prices and three have registered a fall.

Transport services have seen the highest increase in prices, at nearly 16% year-on-year, with local fuel prices soaring over 48%. As of December 25, local fuel prices had been adjusted 22 times. Overall, the price of A95 gasoline had added VND6,820 per liter in total, and bio-fuel E5 petrol and diesel oil VND7,040 and VND5,200 per liter, respectively.

Besides, beverages and tobacco have picked up 2.5% due to an increase in logistics costs and a decline in tobacco supplies, followed by household equipment and appliances by 1.12%, and the apparel, footwear and hat group by 1.07%.

In contrast, education services have recorded a decline of 3.49%, followed by the post and telecommunications group with a fall of 0.72% and cultural, entertainment and tourism services down by 0.2%.

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