The nation’s consumer price index (CPI)in March rose 0.75 percent over the previous month and 9.46 percentyear-on-year, helping the first quarter CPI jump 8.51 percent againstthe same period last year.
The General StatisticsOffice (GSO) reported that 10 out of 11 commodity groups recordedincreases of between 0.15 percent and 1.38 percent, but post andtelecommunication services dropped by 0.2 percent as a result ofpromotions and discount programmes.
Housing and construction materials increased the most sharply duringthe month with 1.38 percent, followed by food and restaurant serviceswith a 1.03 percent increase, transportation services rose 0.92percent, commodities and services were also up 0.56 percent andentertainment, tourism and cultural services racked up a 0.5 percentrise. Garments and footwear placed last on the list with an increase ofonly 0.15 percent.
The March bump is unusual compared with the last five years, which sawonly slight rises or decreases, said Deputy Head of the GSO’s Trade andPricing Department Nguyen Duc Thang.
He attributed the jump to the increase in the prices of coal,electricity, oil and gas and steel after the traditional Lunar New Year(Tet) while the prices of other essential commodities remained at theirprevious high levels.
Oil and gas price hikes pushed up the cost of transportation services and goods between 10-20 percent, he noted.
He went on to say that the leap in the price of electricity byone-third contributed to the upward pressure on the prices of steel (by200,000VND-900,000 VND per tonne), urea fertiliser (300-500 VND pertonne) and cement (100,000 VND per tonne).
Additionally, the State Bank of Vietnam (SBV)’s adjustment of theexchange rate between USD and Vietnam dong has ratcheted up input costsfor many local production sectors that depend on imported material andequipment.
Economic experts have emphasised the necessity for the State to getinvolved in price adjustments to keep the economy on an even keel, andprotect consumers against increases in the prices of essentialcommodities.
In March, the price of gold in the country rose by 1.21 percent fromFebruary and the US dollar price climbed 1.28 percent over the previousmonth./.
The General StatisticsOffice (GSO) reported that 10 out of 11 commodity groups recordedincreases of between 0.15 percent and 1.38 percent, but post andtelecommunication services dropped by 0.2 percent as a result ofpromotions and discount programmes.
Housing and construction materials increased the most sharply duringthe month with 1.38 percent, followed by food and restaurant serviceswith a 1.03 percent increase, transportation services rose 0.92percent, commodities and services were also up 0.56 percent andentertainment, tourism and cultural services racked up a 0.5 percentrise. Garments and footwear placed last on the list with an increase ofonly 0.15 percent.
The March bump is unusual compared with the last five years, which sawonly slight rises or decreases, said Deputy Head of the GSO’s Trade andPricing Department Nguyen Duc Thang.
He attributed the jump to the increase in the prices of coal,electricity, oil and gas and steel after the traditional Lunar New Year(Tet) while the prices of other essential commodities remained at theirprevious high levels.
Oil and gas price hikes pushed up the cost of transportation services and goods between 10-20 percent, he noted.
He went on to say that the leap in the price of electricity byone-third contributed to the upward pressure on the prices of steel (by200,000VND-900,000 VND per tonne), urea fertiliser (300-500 VND pertonne) and cement (100,000 VND per tonne).
Additionally, the State Bank of Vietnam (SBV)’s adjustment of theexchange rate between USD and Vietnam dong has ratcheted up input costsfor many local production sectors that depend on imported material andequipment.
Economic experts have emphasised the necessity for the State to getinvolved in price adjustments to keep the economy on an even keel, andprotect consumers against increases in the prices of essentialcommodities.
In March, the price of gold in the country rose by 1.21 percent fromFebruary and the US dollar price climbed 1.28 percent over the previousmonth./.
