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December CPI up 0.23%

30/12/2016

The CPI increased 0.23 per cent in December compared to November and 4.74 per cent year-on-year, according to the General Statistics Office (GSO).

December CPI up 0.23%
Six goods in CPI basket rise in December against November.

Six of the eleven goods in the CPI basket increased. Medicine and healthcare services saw the highest increase, of 5.3 per cent, as four cities and provinces raised their prices during the month under Circular No. 37 from the Ministry of Health and the Ministry of Finance.

Some goods in the basket saw slender growth, such as garments, hats and footwear, by 0.25 per cent, due to increasing demand as winter approaches, tobacco and beverages 0.21 per cent, housing and building materials 0.19 per cent, due to gas prices being adjusted in November and increasing demand for house repairs, and household appliances and equipment 0.08 per cent.

Most remaining goods and services saw growth decline, such as transport, by 0.89 per cent, restaurants and catering services 0.03 per cent, in which cereals increased 0.22 per cent and meat fell 0.12 per cent, posts and telecommunications 0.03 per cent, and culture, entertainment, and tourism 0.02 per cent.

Education did not change.

The GSO said that core inflation (CPI excluding cereals, meat, energy and State-managed goods such as education and healthcare services) in December increased 0.11 per cent compared to November and 1.87 per cent year-on-year. Core inflation for 2016 increased 1.83 per cent compared to 2015.

The price of cereals was up because this year saw many holidays so demand for shopping and entertainment rose. Natural disasters and poor weather also hit the northern region while there was serious flooding in the central region, drought in the central highlands, and saline intrusion in the Mekong Delta.

Other factors curbed the CPI. For example, petroleum and freight prices fell even though the demand for goods in the Tet holidays increased. Global fuel prices fell, leading to cuts in domestic fuel prices, and transport also declined.

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