Illustrative photo (Source: VNA) The pressure from inflation due to fluctuation of currencies, exchange rates, fuel prices and raw materials was likely to reach its peak in 2022 and ispredicted to decrease in 2023, said Dr. Nguyen Duc Do, Vice Director of the Institute of Economics-Finance under the Academy of Finance.
According to him, in fact, inflation has declined since December 2022 when core inflation rose only 0.33%over the previous month. Althoughthe prices of electricity and a number of services controlled by the State in2023 are predicted to increase in 2023, the level of impact from the hike depends on the timeliness and level of adjustments.
"If reasonable price adjustmentsare made in the second half of 2023, the country’starget to keep the inflation rate at about 4.5% or even under 4% is completelyreachable," he said.
Meanwhile, AssociateProf. Dr. Ngo Tri Long pointed to a number of advantages in 2023,including the momentum of recovery and well-controlled inflation in 2022.
At the event (Photo: VNA) Credit packages withinthe economic recovery programme and national target programmes are likely to beimplemented faster this year, while a number of problems in the real estate,financial, labour and medical markets have been removed, making it possiblefor the country to rise up in 2023, he added.
However, Le Thanh Ngafrom the Ministry of Planning and Investment said that there are still somefactors causing pressure on inflation, including fluctuations in the worldmarket and increases in the prices of power, water supply, education and healthcare services.
Dr. Long asserted thatin order to achieve the goals of 6.5% economic growth and 4.5% inflation, the Government should promptly remove obstacles in mechanism, policy andadministration, while harmoniously combining macro-economic policies and ensuringthe balance between interest and exchange rates, growth and inflation, and supportto businesses and State budget collection.
It is necessary tokeep a close watch on price developments and inflation in the world to give a timely alert and proper response, he added.
Nga suggested theincrease of production of input materials with priority given to the domestic market,while applying measures to stablise the prices of commodities.
According to him, in fact, inflation has declined since December 2022 when core inflation rose only 0.33%over the previous month. Althoughthe prices of electricity and a number of services controlled by the State in2023 are predicted to increase in 2023, the level of impact from the hike depends on the timeliness and level of adjustments.
"If reasonable price adjustmentsare made in the second half of 2023, the country’starget to keep the inflation rate at about 4.5% or even under 4% is completelyreachable," he said.
Meanwhile, AssociateProf. Dr. Ngo Tri Long pointed to a number of advantages in 2023,including the momentum of recovery and well-controlled inflation in 2022.
At the event (Photo: VNA) However, Le Thanh Ngafrom the Ministry of Planning and Investment said that there are still somefactors causing pressure on inflation, including fluctuations in the worldmarket and increases in the prices of power, water supply, education and healthcare services.
Dr. Long asserted thatin order to achieve the goals of 6.5% economic growth and 4.5% inflation, the Government should promptly remove obstacles in mechanism, policy andadministration, while harmoniously combining macro-economic policies and ensuringthe balance between interest and exchange rates, growth and inflation, and supportto businesses and State budget collection.
It is necessary tokeep a close watch on price developments and inflation in the world to give a timely alert and proper response, he added.
Nga suggested theincrease of production of input materials with priority given to the domestic market,while applying measures to stablise the prices of commodities.
Director of the PriceManagement Department under the Ministry of Finance Nguyen Minh Tien said thatthe ministry will give cautious monetary policies and combine them withsuitable fiscal policies to rein in inflation and ensure major balances of theeconomy./.
VNA
