Hanoi’s consumer price index (CPI) for July was 0.29 percent lower than that last months, but 4.64 percent higher when compared to the same period last year.

This month has seen the sharpest decrease since the beginning of this year, announced Hanoi ’s Statistics Office on July 20.

Out of the 11 baskets of commodities, only post and telecoms services remain unchanged.

The largest price rise during the month was seen in textiles, hats and footwear, recording 1.09 percent, followed by household goods and utensils at 0.81 percent.

However there were slight increases in other groups of commodities, ranging from 0.02 percent to 0.53 percent.

Transportation services saw the biggest drop, witnessing a reduction of 2.9 percent, followed by housing, electricity, water, fuel and construction materials at 1.2 percent, and restaurants and catering services with 0.21 percent.

Economic analysts attribute the contraction in transport prices to the two consecutive cuts in the price of petrol and diesel.

Also, at the start of this month, the price of gas dropped by 25,000 VND-30,000 VND per 12kg canister.

The gold price in July shrunk by 0.56 percent over last month, but is still up by 7.25 percent when compared with the same period last year.

However, the USD-VND exchange rate has increased slightly, by 0.02 percent compared with last month and 1.35 percent against the corresponding time last year.-VNA