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High consumer demand for Tet drives up January’s CPI

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HCMC – Vietnam’s consumer price index (CPI) this month has inched up by 0.06% month-on-month, chiefly fueled by the high consumer demand for the upcoming Lunar New Year or Tet, the General Statistics Office (GSO) reported today, January 29.

As local consumers have boosted shopping during the final lunar month to prepare for the Tet holiday, the prices of food, foodstuffs and dining-out services went up, while domestic fuel prices rose on par with the global trend. These factors contributed to the rise of the overall index, GSO explained.

Among the 11 main commodity groups, nine reported price rises, including transportation, which saw the highest rise of 2.29% due to two upward fuel price adjustments on January 11 and 26; food and catering services (0.64%); garments, hats and footwear (0.44%); education (0.33%); beverages and tobacco (0.32%) and other goods and services (0.24%).

Meanwhile, the prices of housing, electricity, water and construction materials have dropped by 2.31% and of post and telecommunications by 0.1%.

However, the CPI contracted by 0.97% against last year’s figure. Also, this month’s core inflation, which excludes the prices of fresh food, energy and State-controlled services, such as healthcare and education, has increased by 0.49% year-on-year, the lowest increase in January over the past five years.

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