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CPI in Jan-Nov lowest in five years

The Saigon Times

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HCMC – Vietnam’s consumer price index (CPI) from January to November inched up a mere 1.84% year-on-year, the lowest level for the same period since 2016, according to the General Statistics Office (GSO).

In the 11-month period, core inflation, which excludes prices of fresh food, energy and State-controlled healthcare and education services, edged up 0.82% year-on-year.

In a socioeconomic performance report by GSO for the period, the low CPI growth was attributed to the modest rise of the index in the first months of the year.

The CPI in November rose 0.32% month-on-month and 2.1% over the year-ago period, the local media reported.

According to GSO, the higher prices of fuels and the gradual reopening of many provinces have led to consumer prices rising.

Among the 11 groups of consumer goods and services in the basket of items used to calculate the CPI, nine groups marked up in prices while two registered a decline.

The prices of transport services recorded the highest increase of 3.11% due to the fuel price spikes on October 26, November 10 and 25.

Meanwhile, housing and building materials picked up 0.46%, followed by beverages and tobacco by 0.33% and the apparel, footwear and hat group by 0.25%.

In contrast, the prices of education services and food-catering services fell 0.92% and 0.17%, respectively.

Despite the low CPI growth, the risk of inflation next year remains high.

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