The consumer price index (CPI) in May showed a decline of 0.06 percent over the last month’s figure, the General Statistics Office (GSO) reported on May 24.
This is the first time since May 2003 that the CPI of May has decreased from the previous month. However, the index reflected an increase of 6.36 percent year on year, said the office.
Four out of 11 commodity groups used to calculate the CPI are reported to see price decreases from 0.07 percent to 0.57 percent, with transport services posting the strongest drop, while the post and telecommunications group registering the smallest reduction.
GSO officials said despite a long holiday on the occasion of the national re-unification anniversary (April 30) and May Day, the May CPI was dragged down by the declining prices of essential goods, including the petrol price cuts on April 18 and 24 as well as dropping LPG (Liquefied Petroleum Gas) prices. In addition, weak demands for food and foodstuff which accounts for a majority of the commodity basket while supply is abundant also pushed the CPI down.
Not included in the CPI basket, gold price dropped by 4.62 percent in May as a result of downward world trend and the State Bank’s gold bars sales. Meanwhile, the US dollar stayed stable at 20,828 VND on the inter-bank market, while it fetched an average 21,190 VND in the unofficial market, up by 0.21 percent over the previous month.-VNA
This is the first time since May 2003 that the CPI of May has decreased from the previous month. However, the index reflected an increase of 6.36 percent year on year, said the office.
Four out of 11 commodity groups used to calculate the CPI are reported to see price decreases from 0.07 percent to 0.57 percent, with transport services posting the strongest drop, while the post and telecommunications group registering the smallest reduction.
GSO officials said despite a long holiday on the occasion of the national re-unification anniversary (April 30) and May Day, the May CPI was dragged down by the declining prices of essential goods, including the petrol price cuts on April 18 and 24 as well as dropping LPG (Liquefied Petroleum Gas) prices. In addition, weak demands for food and foodstuff which accounts for a majority of the commodity basket while supply is abundant also pushed the CPI down.
Not included in the CPI basket, gold price dropped by 4.62 percent in May as a result of downward world trend and the State Bank’s gold bars sales. Meanwhile, the US dollar stayed stable at 20,828 VND on the inter-bank market, while it fetched an average 21,190 VND in the unofficial market, up by 0.21 percent over the previous month.-VNA
