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Friday, July 1, 2022

Surging fuel prices ratchet up pressure on other goods

By Van Phong

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HCMC – The soaring prices of gasoline and other fuels have pushed up the prices of other goods and services, such as education, healthcare, construction materials and transport, Deputy Prime Minister Le Minh Khai, head of the steering committee for price management, told a meeting on June 13.

Speaking at the meeting chaired by the deputy prime minister, a Ministry of Finance official said that soaring global inflation had impacted the country’s inflation in the first five months of 2022. Between January and May, the consumer price index (CPI) increased by 2.25% year-on-year, driving inflation during the five-month period up 1.1% year-on-year.

The ministry attributed the hike in CPI to the spike in fuel prices induced by rising global prices, and a surge in the prices of construction materials, rice and the rising post-Covid demand for lodging, catering and traveling.

Some ministries and agencies said price management would be challenging in the coming months, leading to higher inflation. As such, it is necessary to balance supply and demand, ensure the supply of necessities, manage monetary policy and effectively regulate prices and control inflation.

The deputy prime minister asked the State Bank of Vietnam to work with the Ministry of Finance and other ministries and departments to harmonize monetary, fiscal and macroeconomic policies to bring inflation under control this year.

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