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Monday, December 4, 2023

Vietnam’s CPI in Sept rises to five-year high

By Truc Dao

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HCMC – Vietnam’s consumer price index (CPI) in September has surged by 1.08% compared to the previous month, the highest level for this month in the last five years, according to the General Statistics Office (GSO).

The CPI increase is primarily attributed to rising tuition fees, higher rice prices, soaring gas and fuel costs, and increasing housing rentals.

Between June and September, the CPI has risen by 2.89% against the same period in the previous year. Notably, housing and construction materials have recorded the most significant price hike of 6.99%.

Prices in the education sector have increased by 5.96%, while beverage and tobacco prices have edged up by 3.05%. Clothing, hats, and footwear prices have leapt by 2.03%, and equipment and household items have inched up by 1.86%. Culture, entertainment, and tourism prices have moved up by 1.47%.

On the other hand, the postal and telecommunications sectors have reported a price decrease of 1.12%, and transportation prices have fallen by 2.28%.

In the first nine months of 2023, the average CPI has grown by 3.16% versus the same period the previous year. One of the main drivers of this increase was the airfare category, which has skyrocketed by 71.56% year-on-year.

According to the Vietnam News Agency, the authorities have taken multiple measures to maintain macroeconomic stability, control inflation, and address economic challenges.

The measures include reducing interest rates for loans, stabilizing the foreign exchange market, promoting public investment disbursement, offering credit packages to support different sectors, and extending tax payment deadlines.

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