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CPI to grow by less than 4 percent this year: steering committee

Members of the Steering Committee on Price Management shared the view that CPI will grow by less than 4 percent this year, citing the positive outcomes of the first three quarters and price forecast for the last quarter.
CPI to grow by less than 4 percent this year: steering committee ảnh 1The Steering Committee on Price Management has a meeting on October 13 (Photo: VNA)

Hanoi (VNA) – Members of the Steering Committeeon Price Management shared the view that the consumer price index (CPI) willgrow by less than 4 percent this year, citing the positive outcomes of thefirst three quarters and price forecast for the last quarter.

At a meeting on October 13, the steeringcommittee’s aides reported that prices were controlled in line with the targetset by the Government and National Assembly. The figures were basically stablein the past nine months.

The CPI growth rate declined month on month witha nine-month average increase of 3.79 percent compared to the same period of2016. However, it grew by only 1.83 percent against last December.

The CPI hike between January and September wasmostly attributable to the scheduled augmentation of medical and educationalservices prices, which are under the State’s management, along with the fiveconsecutive rises of petrol prices in recent months. The increases of minimumwage at the year’s beginning and construction sand prices since the secondquarter are also contributors to the CPI growth.

Meanwhile, CPI was hampered by falling foodprices, especially pork prices in mid-2017, strong price management moves takenby the Government and sectors, and a flexible monetary policy that has helpedstabilise exchange rates and interest rates, according to the aides.

[Infographics: Average CPI in nine months goes up 3.79 percent]

Applauding inflation control efforts, DeputyPrime Minister Vuong Dinh Hue said inflation rate must be kept at below 4percent while core inflation must be at 1.6 percent this year so as to helpminimise expenses for businesses and achieve the targeted economic growth rateof 6.7 percent.

Regarding the last quarter of 2017, he askedministries and sectors to pay attention to the rising trend in petrol, gas andpork prices. 

He also told the Ministry of Agriculture andRural Development to update information about damage caused by the recent stormDoksuri and floods in order to manage prices of agricultural products.Meanwhile, the Ministry of Industry and Trade needs to continue coordinatingwith the Ministry of Finance to use the petrol price stabilization fundappropriately, helping to control petrol prices’ subsequent impacts on other goods.

The State Bank of Vietnam was ordered to adjustcredit growth to inflation and ensure capital is channeled into prioritisedfields.-VNA
VNA
#Steering Committee on Price Management #consumer price index #CPI #inflation #Deputy Prime Minister Vuong Dinh Hue #core inflation #updated Vietnam news #Vietnamplus #Vietnam News Agency
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