Price management greatly contributes to inflation control: Deputy PM

Hanoi (VNA) – Inflation has so far been controlled in line with the set target, and the macro-economic situation stabilised with major balances of the economy ensured, Deputy Prime Minister Le Minh Khai said at the year-end meeting of the Price Management Steering Committee on December 28.

The official called this a great success, attributing it to the effective price management solutions.

He said that one of the important factors contributing to the completion of price management goal is the close coordination between the Ministry of Finance and other ministries through the Price Management Steering Committee, with helpful advice provided to the Government in major policies and orientations in price management in particular periods.

Right from the beginning of the year, various macro-economic measures were rolled out, including those to ensure the supply of necessities and input materials for production, along with effective petrol price management and the adjustments of tax policies to ease price pressure, he said.

Deputy PM Khai noted that in the first 11 months of 2022, the country’s average consumer price index (CPI) rose 3.02% year on year, while the CPI in the whole year is estimate to rise 3.1-3.2% over 2021, which is within the range set by the National Assembly.

At the same time, he also pointed to a number of shortcomings in price management activities in 2022, including the overlapping among legal regulations and the Price Law, a lack of management tools to settle arising issues, and ineffective price analysis and forecast in some cases./.