Petro price hikes push Hanoi’s CPI up 0.24 percent

Hanoi’s consumer price index (CPI) in October increased 0.24 percent month-on-month. (Photo: VNA)

Hanoi (VNA) – Hanoi’s consumer price index (CPI) in October increased 0.24 percent month-on-month and 4.09 percent year on year as transport costs rose 1.42 percent due to the petrol price hikes, according to the Hanoi Statistics Department.

The price of petrol was reduced on October 22 by between 144-224 VND per litre, but the decrease was not significant compared to the previous increase on October 6 by between 577-675 VND per litre, so the average price of petrol was still rising.

The group of garment, hats and footwear saw the highest price increase at 0.48 percent month on month. The price for the group of culture, entertainment and tourism services increased 0.44 percent over the previous month. The growth rate of the price of other goods was not significant.

Some prices of items in the garment group tended to increase slightly due to higher demand for winter-autumn garment products as the weather in the north cools down.

The housing, electricity, water, fuel and building materials prices increased 0.31 percent over the previous month.

Two groups that saw a reduction in the price index were the restaurant and catering services, and post and telecommunications. After a long period of price rises, the price of restaurant and catering service fell by 0.08 percent month on month. Food prices dropped by 0.12 percent over the previous month due to the fall in prices of pork, poultry meat and most vegetables.

The pork price fell by 3,000-5,000 VND per kilo due to high pork supply. At the same time, large livestock companies have continuously reduced pork prices, affecting the pork price in the domestic market.

The weather is very favourable for the development of winter vegetables so the market has a high supply of vegetables, leading to a low price for vegetables. The prices of aquatic products such as fish, clams, squid and shrimp increased slightly due to higher transportation costs.

This month, prices for both of gold and US dollar increased by 0.4 percent and 0.23 percent, respectively, over the previous month.-VNA