Ministry eyes close watch on prices during Tet holiday

Tuesday, Jan 21, 2020 08:23

Fruits on shelve of BigC Supermarket in Vinh Phuc Province. There will be no shortage of essential goods and prices would not increase too much this Tet. -– VNA/VNS Photo Hoang Hung
The Ministry of Finance has asked its Price Management Department to keep a close watch on market supply and demand as well as price developments, especially of essential goods, during the Tet (Lunar New Year) holidays.

According to the department, in January, also the month the Tet holidays fall this year, the prices of several goods might be on an uptrend.

Pork prices are anticipated to increase in the first months of 2020 due to a shortage of supply as an impact of African swine fever last year while repopulation had not been effective.

The department’s Director Nguyen Anh Tuan said price management would be enhanced from the beginning of this year to achieve the Government’s target of keeping inflation at below 4 per cent for the year.

There would be no increases in prices of goods and services under the management of the Government in the first quarter, the department said, adding that prices of essential goods and services, such as pork, recreation services fees and transportation fees would be tightly controlled.

Prices were forecast not to see significant increases during Tet because a large supply of goods was already prepared, according to the department.

Prices of essential goods were predicted to rise by 7-10 per cent, though pork might rise 10-15 per cent.

“There will be no shortage of essential goods and prices will not increase too much,” Tuan said.

Purchasing power for Tet holidays was predicted to increase by about 10-12 per cent over the same period as last year and 15-20 per cent compared to other months, according to the ministry’s Domestic Department.

Peak days for shopping would be this week and there would be high demand for high-quality food.

To date, 57 out of 63 provinces and cities have reported about their preparations of goods for Tet and 28 of them implemented price stabilisation programmes.

Their report showed that the volume of goods firms prepared for Tet was 20-25 per cent higher than other months and goods for price stabilisation programmes 10 per cent higher than last year. - VNS

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