October’s CPI rise fueled by higher petrol prices

31-Oct-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

The country’s consumer price index (CPI) this month has grown by 0.33 percent against September, largely driven by a recent hike in fuel prices, the general Statistical Office said in its latest socioeconomic performance report released today, October 29.

Ten out of 11 groups of items in the basket of commodities used for CPI calculation have marked up in price.

The transport group has witnessed the highest growth of 1.55 percent, due to the upward fuel price adjustment early this month. Though their prices were revised down on October 22, the fuel price index has still risen by a sharp 3.45 percent against the previous month, leading to a 0.14 percent increase in the overall CPI.

The education group, which saw the highest CPI growth in August, has come second, with a 0.58 percent hike this month. Seven more localities have raised their tuition fees, in line with the government’s Decree 86/2015 on the mechanisms for the collection and management of tuition fees applicable to educational institutions.

Following this group is housing and construction materials, with a 0.31 percent increase. The most-weighted group essential goods and catering services has expanded by 0.22 percent, of which foodstuff, food and dining-out services have grown by 0.15 percent, 0.18 percent and 0.34 percent, respectively.

Other groups, such as apparel, headwear and footwear; household appliances and goods; culture, entertainment and education; and beverages and tobacco have registered slight increases, ranging from 0.02 percent to 0.15 percent.

The only group that has seen a further price decline is post and telecommunications, at minus 0.04 percent.

Overall, the CPI in October has been 3.54 percent higher than in December last year, representing a year-on-year increase of 3.89 percent. The average index in 10 months has expanded 3.6 percent from a year earlier.

This month’s core inflation, which excludes prices of fresh food, energy and State-controlled services, such as healthcare and education has increased by 0.13 percent month-on-month and 1.67 percent year-on-year, leading to the 10-month core inflation growth of 1.43 percent.

The legislative National Assembly has set the CPI target for this year at no more than 4 percent. Last year, inflation rose by 3.53 percent against 2016, well below the same target.

https://english.thesaigontimes.vn/63748/october percentE2 percent80 percent99s-cpi-rise-fueled-by-higher-petrol-prices-.html


Category: Economy, Vietnam

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