The country’s consumer price index (CPI) in August rose 0.63 percent after dropping for two consecutive months.
The General Statistics Office (GSO) reported on August 24 th that theindex has increased to 5.04 percent year on year and 2.86 percentagainst December 2011. The country’s CPI in the last eight months hasnow risen 10.41 percent against the same period last year.
Head of the GSO’s Price Department Nguyen Duc Thang said that theAugust rise in CPI is due to rises in the prices of oil, gas andelectricity, and especially medical services in many cities andprovinces.
In addition, the looser monetary policyand lower lending interest rates have increased the amount of moneybeing injected into the economy, which in turn has boosted consumerspending.
Nine out of the 11 groups of commoditiescalculated for CPI have seen price rises of between 0.24 percent and5.44 percent. Medicines and healthcare services experienced the highestrise, at 5.44 percent, while beverages and tobacco saw the lowestincrease, 0.24 percent.
The cost of dining out andcatering services fell by 0.18 percent while post and telecommunicationsservices witnessed a slight drop of 0.01 percent.
Economic analysts have forecast that the nation’s CPI will rise slightlyin September due to a hike in global oil prices and a rise in domesticconsumption, as the month includes national holidays and the beginningof the new school year.
The Deputy Director ofVietnam’s Central Institute for Economic Management, Vo Tri Thanh, saidthat this year, the country’s inflation rate will reach 7-8 percent andpossibly even 9.9 percent if there is unexpected rise in the CPI.-VNA
The General Statistics Office (GSO) reported on August 24 th that theindex has increased to 5.04 percent year on year and 2.86 percentagainst December 2011. The country’s CPI in the last eight months hasnow risen 10.41 percent against the same period last year.
Head of the GSO’s Price Department Nguyen Duc Thang said that theAugust rise in CPI is due to rises in the prices of oil, gas andelectricity, and especially medical services in many cities andprovinces.
In addition, the looser monetary policyand lower lending interest rates have increased the amount of moneybeing injected into the economy, which in turn has boosted consumerspending.
Nine out of the 11 groups of commoditiescalculated for CPI have seen price rises of between 0.24 percent and5.44 percent. Medicines and healthcare services experienced the highestrise, at 5.44 percent, while beverages and tobacco saw the lowestincrease, 0.24 percent.
The cost of dining out andcatering services fell by 0.18 percent while post and telecommunicationsservices witnessed a slight drop of 0.01 percent.
Economic analysts have forecast that the nation’s CPI will rise slightlyin September due to a hike in global oil prices and a rise in domesticconsumption, as the month includes national holidays and the beginningof the new school year.
The Deputy Director ofVietnam’s Central Institute for Economic Management, Vo Tri Thanh, saidthat this year, the country’s inflation rate will reach 7-8 percent andpossibly even 9.9 percent if there is unexpected rise in the CPI.-VNA
