Surprise jump in CPI this month
The nation’s consumer price index (CPI)
in March rose 0.75 percent over the previous month and 9.46 percent
year-on-year, helping the first quarter CPI jump 8.51 percent against
the same period last year.
The General Statistics Office (GSO) reported that 10 out of 11 commodity groups recorded increases of between 0.15 percent and 1.38 percent, but post and telecommunication services dropped by 0.2 percent as a result of promotions and discount programmes.
The General Statistics Office (GSO) reported that 10 out of 11 commodity groups recorded increases of between 0.15 percent and 1.38 percent, but post and telecommunication services dropped by 0.2 percent as a result of promotions and discount programmes.
The nation’s consumer price index (CPI)
in March rose 0.75 percent over the previous month and 9.46 percent
year-on-year, helping the first quarter CPI jump 8.51 percent against
the same period last year.
The General Statistics Office (GSO) reported that 10 out of 11 commodity groups recorded increases of between 0.15 percent and 1.38 percent, but post and telecommunication services dropped by 0.2 percent as a result of promotions and discount programmes.
Housing and construction materials increased the most sharply during the month with 1.38 percent, followed by food and restaurant services with a 1.03 percent increase, transportation services rose 0.92 percent, commodities and services were also up 0.56 percent and entertainment, tourism and cultural services racked up a 0.5 percent rise. Garments and footwear placed last on the list with an increase of only 0.15 percent.
The March bump is unusual compared with the last five years, which saw only slight rises or decreases, said Deputy Head of the GSO’s Trade and Pricing 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 their previous 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 by one-third contributed to the upward pressure on the prices of steel (by 200,000VND-900,000 VND per tonne), urea fertiliser (300-500 VND per tonne) and cement (100,000 VND per tonne).
Additionally, the State Bank of Vietnam (SBV)’s adjustment of the exchange rate between USD and Vietnam dong has ratcheted up input costs for many local production sectors that depend on imported material and equipment.
Economic experts have emphasised the necessity for the State to get involved in price adjustments to keep the economy on an even keel, and protect consumers against increases in the prices of essential commodities.
In March, the price of gold in the country rose by 1.21 percent from February and the US dollar price climbed 1.28 percent over the previous month./.
The General Statistics Office (GSO) reported that 10 out of 11 commodity groups recorded increases of between 0.15 percent and 1.38 percent, but post and telecommunication services dropped by 0.2 percent as a result of promotions and discount programmes.
Housing and construction materials increased the most sharply during the month with 1.38 percent, followed by food and restaurant services with a 1.03 percent increase, transportation services rose 0.92 percent, commodities and services were also up 0.56 percent and entertainment, tourism and cultural services racked up a 0.5 percent rise. Garments and footwear placed last on the list with an increase of only 0.15 percent.
The March bump is unusual compared with the last five years, which saw only slight rises or decreases, said Deputy Head of the GSO’s Trade and Pricing 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 their previous 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 by one-third contributed to the upward pressure on the prices of steel (by 200,000VND-900,000 VND per tonne), urea fertiliser (300-500 VND per tonne) and cement (100,000 VND per tonne).
Additionally, the State Bank of Vietnam (SBV)’s adjustment of the exchange rate between USD and Vietnam dong has ratcheted up input costs for many local production sectors that depend on imported material and equipment.
Economic experts have emphasised the necessity for the State to get involved in price adjustments to keep the economy on an even keel, and protect consumers against increases in the prices of essential commodities.
In March, the price of gold in the country rose by 1.21 percent from February and the US dollar price climbed 1.28 percent over the previous month./.
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