Friday, August 18, 2017 - 2:35:10

CPI rises an average 0.39 percent a month in H1

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The General Statistics Office announced CPI in June and first half of 2016 on June 24 (Photo: VNA)
Hanoi (VNA) – Vietnam’s consumer price index (CPI) in the first half of the year saw a slight rise at an average of 0.39 percent each month, reported Vu Thi Thu Thuy, head of the Price Statistics Department under the General Statistics Office (GSO) on June 24.

The average index in the first six months of the year rose 1.72 percent compared to the same period last year, she said, warning that the price of health care services, education and fuel will pressure the CPI in the rest of the year.

According to the GSO, June’s CPI rose 0.46 percent over the previous month, up 2.4 percent year on year and 2.35 percent compared to December 2015.

An increase was seen in 10 out of 11 goods and service groups, with transport posting the highest rise at 2.99 percent, followed by housing and construction materials at 0.55 percent, restaurant services 0.21 percent, culture, entertainment and tourism 0.18 percent, and alcohol and tobacco 0.13 percent.

Only the post and telecommunications group saw a drop of 0.06 percent, reported the office.

Do Thi Ngoc, deputy head of the Price Statistics Department, attributed the growth of June’s CPI to the soaring transport prices, stemming from the hike in fuel prices and train tickets, increasing 6.46 percent and 2.51 percent respectively.

Besides, a 1.27 percent rise in demand for power in June’s hot weather also contributed about 0.03 percent to the expansion of CPI in the month, Ngoc added.

At the same time, prices of a number of heat-easing products such as air conditioners, fridges and fans also leaped, while gas prices went up 0.61 percent over the previous month due to a fuel price rise in May.

Tourism prices were up 0.48 percent as the tourist season peaked in June, while foodstuff prices increased 0.36 percent.

Meanwhile, rice prices decreased 0.24 percent, which helped curb CPI in June, said Ngoc.

During the month, gold prices fell 0.01 percent, while the VND/USD exchange rate remained stable at 22,300 VND per USD.

The GSO also reported that core inflation (the CIP without food and fresh foodstuff, energy and State-controlled commodities such as healthcare and education services) in June was up faintly at 0.31 percent month-on-month and 1.88 percent year-on-year. The average increase in the first half of the year reached 1.8 percent.

It predicted that in July, the CPI will continue growing slightly due to the upturn in prices of food, fuel, construction materials, water and tourism services.

In order to reign in inflation at under 5 percent as set by the National Assembly, the office proposed that the Government calculate a suitable time for the upturn adjustment of a number of goods so as to avoid spreading impacts to the CPI.-VNA
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