CPI increases about 4.2% in first quarter

Illustrative image (Source: VNA)

Hanoi (VNA) – The consumer price index (CPI) in the first quarter of 2023 is estimated to rise 4.2-4.3% year on year, according to the Price Management Department under the Ministry of Finance.

The department clarified a number of major reasons behind the increase, including the rising price of housing and construction materials (7.2%), which pushed the CPI in the period up by 1.4%.

Meanwhile, a 4.5% increase in the price of food and foodstuff due to high demand during the Lunar New Year festival in early February also contributed 1% to the CPI increase.

At the same time, education service prices rose 11% as some localities ended the tuition fee exemption and reduction scheme that aimed to ease people’s difficulties during COVID-19 pandemic. This also led to 0.6% rise in CPI in the period.

A 3.3% rise in the price of electricity also pushed the CPI up by about 0.1%, the department added./.

VNA