VIETNAM’S CPI UP 1.82% IN NINE MONTHS

The consumer price index (CPI) rose by 1.82% year on year between January and September, the slowest hike since 2016, the General Statistics Office (GSO) has announced.

At a press conference on September 29, GSO General Director Nguyen Thi Huong largely attributed the rise to the global fuel price hikes; higher educational service costs resulting from a tuition fee increase for the 2020-2021 school year; and higher domestic rice prices following higher prices of exported rice products, stronger demand in the Lunar New Year holiday, and stockpile demand during social distancing periods.

During the nine-month period, core inflation inched up by only 0.88% annually, the lowest since 2011.

In September alone, the CPI reduced by 0.62% from August and grew 2.06% against the same month in 2020.

Huong said reasons behind the monthly drop included social distancing-induced rental price reductions, lower or exempted tuition fees in some areas, lower food prices thanks to stable supply sources, and lower electricity prices as part of Vietnam Electricity’s support programme for customers.

During the month, core inflation was down 0.26% from August and up 0.74% year on year.

Given complicated developments of the pandemic, units and sectors at all levels, under the Government’s close direction, have actively implemented measures for COVID-19 prevention and control and price stabilisation, Huong stressed.

Source: VCCI