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CPI goes up 4.96 percent year-on-year in first quarter

Consumer price index (CPI) in the first quarter of 2017 increased by 4.96 percent year on year, according to the General Statistics Office (GSO).
CPI goes up 4.96 percent year-on-year in first quarter ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Consumer price index (CPI) in thefirst quarter of 2017 increased by 4.96 percent year on year, according to theGeneral Statistics Office (GSO).

Director of the GSO’s Price StatisticsDepartment Vu Thi Thu Thuy said on March 29 that CPI in March alone rose 0.21percent from the previous month, 0.9 percent from last December, and 4.65percent from the same period last year.

Eight of the 11 groups of goods and services inthe price basket saw their prices increase. The biggest monthly price hike,7.51 percent, was recorded in medicine and healthcare services. 

They were followed by education (up 0.75percent), housing and construction materials (0.5 percent), and traffic (0.39percent). The four other groups posted price expansion of between 0.03 – 0.06percent.

Meanwhile, prices dropped 0.87 percent in thefood and food services, 0.12 percent in the group of garment, footwear and hat,and 0.02 percent in beverage and cigarette.

Thuy said CPI usually declines in March due tolower consumption demand after the Lunar New Year holiday. She attributed thisyear’s CPI rise in the month to the Government’s scheduled augmentation ofmedical and educational services’ fees.

Domestic gold prices fluctuated in line with theglobal market in March. After the US Federal Reserve raised its benchmarkinterest rate, the world’s average gold price in March to March 24 went down 12.7USD from the February average to 1,224.13 USD per ounce.

Gold price in March fell by 0.28 percent monthon month to 36 million VND (1,584 USD) per tael.

USD price also rose from February to 22,700 –22,800 VND per USD in the unofficial market due to stronger demand for theforeign currency to serve import activities.

The GSO said March’s core inflation, which is theCPI excluding food items, energy products and the State-managed commodities ofmedical and educational services, remained unchanged from the previous monthand went up 1.6 percent from a year earlier.

The core inflation in Q1 rose 1.66 percent fromthe same period of 2016.

The GSO predicted a higher increase in CPI inApril compared to the March growth rate, fuelled by slight rises in food,beverage and garment prices. Some provinces may also raise school fees in linewith the Government’s roadmap.-VNA
VNA
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