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Consumer prices up 0.13% in July: statistical agency

25/07/2016

Vietnam’s consumer prices in July rose slightly, up by 0.13% against the previous month, according to the General Statistics Office (GSO).

Prices climbed 2.39% year on year and 2.48% compared with December 2015, the GSO said, adding that the average consumer price index in the first seven months of 2016 rose 1.82% over the same period last year.

Among the 11 groups of goods used to calculate inflation, five witnessed price increases during the said month, with transport costs posting the largest growth of 1.19% as a result of higher fuel costs and railway fare hikes.

The utility services and building materials group rose 0.14% due to increased consumption of electrical power and water stimulated by spells of hot weather experienced throughout the country, which also boosted demand for air-conditioners, fridges and fans, causing home appliances to increase by 0.06%.

Food and restaurant services declined by 0.05% thanks to abundant food supplies.

In July domestic gold prices at times shot up to nearly VND40 million per tael due to psychological factors but soon quickly fell to just above VND37 million.

Meanwhile the US dollar-Vietnamese dong exchange rate remained quite stable at around VND22,300 as the US Federal Reserve continued to keep the interest rate unchanged following the UK vote to leave the European Union.

According to the GSO, core inflation, which excludes food and energy prices as well as government-regulated goods, stood at 1.85% in July compared with the same month last year.

The GSO predicted that consumer prices would increase in August, driven by increased medical costs in a number of provinces and cities, higher tuition fees and greater demand for stationery items ahead of the new school year.

Nhan Dan | July 24, 2016 05:35 PM

 

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