Price hikes in almost commodities fuel January’s CPI growth hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnam’s consumer price index (CPI) in January grew 0.51 percent from the previous month and 2.65 percent from the same period last year, driven by price hikes in 10 of the 11 groups of commodities.

The General Statistics Office (GSO) said on January 29 that medicine and health care services recorded the strongest price rise of 1.83 percent while the slightest increase, 0.03 percent, was seen in the education group.

Only postal and telecommunication services posted a price decline of 0.09 percent.

The GSO attributed the strong CPI growth in January to an average electricity price hike of 6.08 percent on December 1, 2017, which contributed 0.06 percent to the overall CPI expansion.

Petrol prices were also raised on January 4 and 19, leading to a 2.65-percent rise in fuel prices month on month and contributing 0.11 percent to the CPI pace.

Meanwhile, consumption demand also surged this month as the Lunar New Year festival is nearing. Stronger demand for house repair for the approaching traditional festival also boosted prices of building materials and services, along with higher train ticket prices.

In January, persons without health insurance also suffered from a 2.34-percent monthly growth in health care services costs which made a 0.09 percent rise to the CPI.

Gold prices rose 1.69 percent from December and 6.7 percent from a year earlier while USD prices respectively declined 5.38 percent and 5.36 percent.

Core inflation in January rose 0.18 percent month on month and 1.18 percent year on year, according to the GSO.-VNA