November’s CPI falls 0.29 percent due to cheaper petrol (Photo: VNA)

Hanoi (VNA) –
The Consumer Prices Index (CPI) in November dropped 0.29 percent from October, driven by cheaper petrol prices, the General Statistics Office (GSO) reported on November 29.

This month’s CPI rose 3.46 percent year-on-year and 3.24 percent from last December. The eleven-month figure picked up 3.59 percent from the same time last year.

Seven of the 11 groups of main commodities and services witnessed price increase, namely garment, headwear and footwear (0.26 percent); other goods and services (0.15 percent); home appliances (0.08 percent); beverage and tobacco (0.07 percent); culture, entertainment and tourism (0.05 percent); education (0.05 percent); medicine and medical services (0.01 percent).

In stark contrast, transport, housing and building materials, restaurant and catering services, and postal and telecommunications service experienced decreases of 1.81 percent, 0.64 percent, 0.14 percent, and 0.06 percent, respectively, in their prices.

According to GSO’s Pricing Department Director Do Thi Ngoc, the main downward effect in the month came from fuel prices.

As of November 23, global Brent fell average 17 percent while RON 92 in Singapore slid 20.02 percent from October. Therefore, domestic petrol prices were adjusted two times, on November 6 and 21, dipping 4.1 percent from October and making the CPI fall 0.17 percent.

Also, Ngoc said that the declining CPI was stoked up by reduction in pork and vegetable prices.

The GSO said that gold prices in November fluctuated in line with the global gold market, increasing 0.49 percent with one ounce traded at more than 1,200 USD. Domestic gold was sold at around 36.5 million VND per SJC tael, up 0.98 percent from October.

Thanks to effective management of the State Bank of Vietnam (SBV), the VND/USD exchange rate was stable in the month, with one USD exchanged for 23,371 VND.

Core inflation, which is the CPI excluding grain food, fresh foodstuff, energy and the State-managed goods of health care and educational services, in November rose 0.11 percent from October, and 1.72 percent year on year. During January-November, core inflation went up 1.46 percent from the same time last year.-VNA