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Saturday, June 22, 2024

October CPI rises by 3.59% y-o-y

By Chinh Phong

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HCMC – The Consumer Price Index (CPI) in October has increased by 3.59% year-on-year, reported the General Statistics Office of Vietnam on October 29.

Compared to the previous month, the CPI has risen by 0.08%. This increase can be attributed mainly to higher tuition fees and domestic rice prices. Compared to December, the CPI is up by 3.2%.

Among the 11 groups of consumer goods and services used to calculate the CPI, 10 marked up in price, with only the postal and telecom services declining.

The education group witnessed a significant 7.14% increase compared to the same period last year, contributing to a 44-basis-point rise in the overall CPI. This increase was primarily driven by several localities raising public school tuition fees for the 2023-2024 school year. Private schools also raised tuition fees to cover regular operational expenses and improve the quality of education.

The housing and construction materials category recorded a 6.88% rise, adding 1.29 percentage points to the overall CPI. This was due to higher construction material prices and rising rents.

Transportation in October increased by 3.9% year-on-year, leading to a 38-basis-point rise in the CPI. The significant factor behind this increase was the 7.22% rise in fuel prices, with RON 95-III gasoline increasing by VND680 per liter and E5 RON 92 gasoline by VND870 per liter compared to October 2022.

The beverages and tobacco group also grew by 2.84%, contributing eight basis points to the overall CPI, mainly due to rising production input costs.

Furthermore, the food and catering services category increased by 2.81%, adding 94 basis points to the overall CPI.

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