Prices of essential goods, including rice, sugar, milk and fertilizer, are expected to be stable in the future due to high supply. — Photo Vietpress

HA NOI (Biz Hub) — Prices of essential goods will be stable by the end of this year and beyond, according to the Finance Ministry's Price Management Department.

The department said this month that many factors could contribute to the reduction of the pressure on prices, reported the Thoi bao Kinh te Viet Nam (Viet Nam Economic Times) newspaper.

Price reduction of some essential goods in the world market and the recent declines of domestic petrol prices on November 22 and December 6 would also contribute to the decrease of the prices of other goods, it said.

Some goods also saw a decreasing trend in prices, including transport fees, food, sugar and milk products for children under six. Cement rates have declined as well.

However, the department said that prices might go up by the end of December and early 2015 due to high goods stocks for the New Year and lunar New Year holidays. Bad weather could also cause an increase in the demand for some commodities.

Therefore, the Ministry of Finance has requested agencies, sectors and provinces/cities to promote the control, management and stabilisation of the market and its prices.

Stabilising the market and its prices could ensure enough demands on goods, as well as continue trade promotion and price stabilisation programmes.

Prices of essential goods, including rice, sugar, milk and fertilizer, are expected to be stable in the future due to high supply.

The department said that the price of rice on the world and local markets could continue to decline and achieve stability. Sugar would also have high supply and stable prices.

In the local market, the output of sugar this month is estimated to reach 200,000 tonnes. There is high sugar inventory at 150,200 tonnes by November 15, which is 46,620 tonnes higher than the same period last year.

Meanwhile, the local fertiliser market would see stability soon due to high supply catering to the demand brought about by the winter-spring rice crop in the south and winter rice crop in the north.

Hoang Thanh Van, head of the Livestock Department, said farmers have approached the market well and paid attention to food safety and disease concerns. The supply of the main livestock products, such as pork, poultry meat and eggs, for the coming holidays will be stable. — VNS