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February CPI growth highest in eight years

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HCMC – Vietnam’s consumer price index (CPI) in February grew 1.52% against the previous month, the highest for the month over the past eight years, according to the General Statistics Office. However, the index was only 0.7% higher than that of the same month last year, the lowest since 2016.

Specifically, 10 of the 11 groups of consumer goods and services in the basket of commodities used to work out the CPI saw their prices rise against the previous month.

Of these, housing and construction materials witnessed the largest increase of 4%, followed by food and catering services at 1.61% and transport at 1.55%

In terms of food and catering services, the price of food inched up 1.77% and that of foodstuffs, 1.82%, against the previous month, mainly due to a surge in the demand from consumers during the lunar New Year holiday.

Moreover, the statistics agency attributed the rise in the prices of transport services to the two adjustments in fuel prices on January 26 and February 25.

In addition, residents’ travel demands during the Tet holiday surged, leading to an increase in the prices of public transport services, and their demands for buying and repairing vehicles also increased, so the prices of some vehicles and maintenance services picked up.

Seven other groups also saw an increase in their prices, including beverages and tobacco by 0.9%; footwear, hats and textiles by 0.25%; household equipment and appliances by 0.2%; culture and entertainment and tourism by 0.13%; post and telecommunications by 0.03%; medicines and medical services by 0.01% and other products and services by 0.74%.

This month’s core inflation, which excludes the prices of fresh food, energy and State-controlled services, such as healthcare and education, edged up 0.48% over January 2021 and 0.79% versus February last year.

The rate in the first two months of 2021 increased 0.64% compared to the same periods last year.

By Van Phong

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