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Keeping inflation below 4 percent possible: Deputy PM

Keeping average inflation below 4 percent is achievable this year, said Deputy Prime Minister Vuong Dinh Hue during a meeting of the Steering Committee on Price Management last weekend.
Keeping inflation below 4 percent possible: Deputy PM ảnh 1Deputy Prime Minister Vuong Dinh Hue. (Photo: VNA)

Hano​i (VNA) – Keeping averageinflation below 4 percent is achievable this year, said Deputy Prime MinisterVuong Dinh Hue during a meeting of the Steering Committee on Price Managementlast weekend.

Hue chaired the committee’s meeting on July1 to review governmental price management work in the first half of 2017 andplan tasks for the remaining months.

During the event, Director of the Ministryof Finance’s Department of Price Management Nguyen Anh Tuan gave attendees anoverview of Consumer Price Index (CPI) movement, saying the average CPI in thefirst six months of 2017 rose 4.15 percent from the same period last year withmonthly inflation rates moving downwards.

Core inflation saw an average increase of1.52 percent year on year, lower than projected growth of 1.6 – 1.8 percent, henoted.

He noted this was partly due to post-holidayeffects caused by Lunar New Year and the government increasing rates for publichealthcare and education services, while regional minimum wages also boostedinflation.

However, falling pork prices due to pigoversupply and tighter state management helped keep inflation down.
[Inflation projected to drop to below 3 percent in 2017]

Deputy PM Hue lauded the price management ofministries and state agencies during the period, saying based on statistics bythe Ministry of Finance and the General Statistics Office of Vietnam and otherreports, it is possible to bring average inflation to below 4 percent thisyear.


He urged the State Bank of Vietnam to maintaina flexible monetary policy, keep the core interest rate at about 1.6 percentand carry out measures to stablise exchange rates and the foreign exchangemarket.

The Deputy PM advised the central bank tobuild a plan for lending interest rates in reference to inflation rate andmarket developments to support economic growth.

He also directed the Ministry of Health andthe Social Insurance Agency to facilitate public tendering process of drugs,including those on the essential drug list of the Social Insurance Agency in abid to reduce drug prices by 10-15 percent.-VNA
VNA
#average inflation #Steering Committee on Price Management #Deputy Prime Minister Vuong Dinh Hue #price management #Consumer Price Index #CPI #inflation rate #first half of 2017 #falling pork prices #pig oversupply #state management #monetary policy
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