Petrol price hike sparks higher inflation

The latest petrol price hike in Vietnam has triggered off a hike in the prices of other consumer and essential goods in southern hub HCM City.
Following last month’s 9-10% rise in fuel rates, prices of major food items, vegetables, and fruits had risen by 10 to 20%, the city’s market watch committee said.
Seafood and pork prices went up by 5-10%.
Other manufacturers feared that if they did not raise prices the rising costs would cut into their profits but that if they did so they would lose market share.
Analysts also expected prices of coal, power, paper, and cement to rise by 0.06 to 0.9%, farm produce by 0.05 to 0.8%, transportation by 1.7 to 4%, and seafood by 4.9%.

 

Category: Economy