The consumer price index (CPI) in May soared 2.21 percent against lastmonth, causing an increase in the five-month CPI to over 12 percentsince December 2010, according to the General Statistics Office (GSO).
TheMay CPI increase has been slowed down in comparison to that of April,thanks to efforts to control inflation by the Government.
Of the 11 consumption categories, only post and telecom services saw areduction, of 1.68 percent, while other categories increased bybetween 0.25-3.19 percent.
The biggest price hike in the monthwere seen in housing and construction materials with 3.19 percent,followed by food and restaurant service with 3.01 percent. Transport wasup 2.67 percent and commodities and other services saw an increase of2.06 percent. Education increased by only 0.25 percent.
Accordingto GSO analysts, May CPI saw a remarkable slow down, but it was stillhigh in comparison with CPI in May during the past 15 years, only lowerthan that of May 2008, when a 3.9 percent rise was recorded.
Pricehikes of essential goods were attributed to the high rate of CPI in Mayas prices of gas, cement and kerosene increased over 5 percent in May.
The GOS said that increases in food and restaurant service prices were an important reason for the high rate of May CPI.
Additionally, bank interest rates for Vietnamese dong loans caused price rises on many goods and services.
Theexchange rate between US dollar and Vietnamese dong also lifted theprices of several essential goods and materials that Vietnam had toimport. The prices of medicines and medical services increasing by 1.2percent was evidence of this impact.
Economists forecast thatJune CPI may increase by only about 0.7-08 percent over May as a resultof the continuous implementation of the Government’s Resolution 11 oninflation control.
In May, the gold price increased by 1.43percent month-on-month but rose 4.8 percent over December, 2010 whilethe US dollar dropped, by 0.98 percent month-on-month and increased byonly 1.03 percent over December last year./.
TheMay CPI increase has been slowed down in comparison to that of April,thanks to efforts to control inflation by the Government.
Of the 11 consumption categories, only post and telecom services saw areduction, of 1.68 percent, while other categories increased bybetween 0.25-3.19 percent.
The biggest price hike in the monthwere seen in housing and construction materials with 3.19 percent,followed by food and restaurant service with 3.01 percent. Transport wasup 2.67 percent and commodities and other services saw an increase of2.06 percent. Education increased by only 0.25 percent.
Accordingto GSO analysts, May CPI saw a remarkable slow down, but it was stillhigh in comparison with CPI in May during the past 15 years, only lowerthan that of May 2008, when a 3.9 percent rise was recorded.
Pricehikes of essential goods were attributed to the high rate of CPI in Mayas prices of gas, cement and kerosene increased over 5 percent in May.
The GOS said that increases in food and restaurant service prices were an important reason for the high rate of May CPI.
Additionally, bank interest rates for Vietnamese dong loans caused price rises on many goods and services.
Theexchange rate between US dollar and Vietnamese dong also lifted theprices of several essential goods and materials that Vietnam had toimport. The prices of medicines and medical services increasing by 1.2percent was evidence of this impact.
Economists forecast thatJune CPI may increase by only about 0.7-08 percent over May as a resultof the continuous implementation of the Government’s Resolution 11 oninflation control.
In May, the gold price increased by 1.43percent month-on-month but rose 4.8 percent over December, 2010 whilethe US dollar dropped, by 0.98 percent month-on-month and increased byonly 1.03 percent over December last year./.
