VN’s CPI up 0.55 per cent, highest since 2012

Wednesday, May 30, 2018 08:38

Customers shop at a Co-op Mart in Ha Noi. — VNA/VNS Photo My Phuong

Viet Nam’s consumer price index (CPI) inched up 0.55 per cent in May, the highest monthly increase since 2012, according to the General Statistics Office (GSO).

The index rose 0.18 per cent in May, 2012; slightly fell 0.06 per cent in May, 2013; up 0.2 per cent in 2014, up 0.16 per cent in 2015 and down 0.53 per cent last year.

The index marked a 3.86 per cent rise year-on-year and 1.61 per cent increase from last December.

The average CPI in the first five months of this year rose by 3.01 per cent year-on-year.

Among 11 commodity and service groups, nine posted monthly hikes in prices, including transportation (1.72 per cent); food and catering services (0.88 per cent); housing, water and electricity supply, and construction materials (0.34 per cent); household equipment and appliances (0.1 per cent); beverages and cigarettes (0.08 per cent); culture, entertainment and tourism (0.08 per cent); apparel, headwear and footwear (0.08 per cent); medicines and health care services (0.03 per cent); and goods and other services (0.02 per cent).

The education group remains the same, while post and telecommunications service prices fell 0.14 per cent.

Do Thi Ngoc, head of the GSO’s Statistics Department, attributed the CPI growth to rising animal feed prices, and especially the price of pork.

The pork price increased 5.85 per cent compared to last month, contributing 0.25 per cent in the general growth of CPI.

The double increase in petrol prices this month made prices increase 3.68 per cent on average compared to last month, bringing the transportation price up 1.72 per cent, the highest in the 11 CPI commodity group.

The demand for dining and tourism was also higher during the April 30 – May 1 holiday, as well as higher demand for electricity and water on hot days.

Factors curbing the CPI increase included fresh and processed fruits (down 0.03-1.16 per cent), and housing for rent (down 0.25 per cent).

Both the US dollar and gold price dropped this month at 0.06 per cent 0.75 per cent, respectively, as the Federal Reserve System (Fed) has not yet increased interest rates, while trade tensions between the US and China have cooled.

Basic inflation (CPI exclusive of fresh food, energy, and State-controlled services such as health care and education) moved up 0.11 per cent month-on-month and 1.37 per cent annually in May, pushing its five-month figure by 1.34 per cent, proving that monetary policy remains stable. — VNS

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