Healthcare, food price hikes push up August CPI

31-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The country’s consumer price index (CPI) this month inched up 0.28 percent month-on-month, mostly due to price hikes in healthcare services and pork products, according to the general Statistical Office (GSO).

Do Thi Ngoc, head of the GSO’s Statistics Department, pointed out that various factors affected CPI growth in August. These include the rise in prices of healthcare services and education as part of a plan to steadily match market prices, the pork price hike due to the spread of African swine fever and the prolonged scorching weather seen in some localities.

The impact of the swine fever has led to a decline in the local pork supply. As of August 20, over four million sick pigs, equivalent to a combined 255,000 tonnes, were culled.

Accordingly, the pork price in August rose 0.89 percent month-on-month, resulting in a 0.04 percent increase in the overall CPI, Ngoc was quoted by news website VietnamPlus as saying.

Besides this, the price hike of medical services prompted the price of this group to rise by 3.64 percent and pushed up the overall CPI by 0.14 percent.

Apart from that, higher tuition fees for the new academic year were applied in some provinces and cities and a prolonged heat wave fueled the demand for electricity and water for daily use. As a result, the power and water groups recorded an increase in price versus July, of 0.33 percent and 0.28 percent, respectively.

Overall, up to eight out of 11 groups of consumer goods and services in the basket of items used to calculate the CPI recorded an increase in prices. The group of medicine and healthcare services topped the list, with an increase of 2.81 percent, while the food-beverage-cigarette group saw the lowest growth, at 0.03 percent.

The three remaining groups recording price falls were traffic, culture-entertainment-tourism and post-telecommunications, down 0.46 percent, 0.06 percent and 0.05 percent, respectively.

GSO in a report released today, August 29, also revealed that the average CPI from January to August this year grew 2.57 percent year-on-year, which is the lowest growth over the past three years. The figures recorded in the corresponding period of 2017 and 2018 were 3.84 percent and 3.52 percent, respectively.


Category: Economy, Vietnam

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