Vietnam CPI rises 4.37 per cent on petrol prices

  • Vietnam
  • Wednesday, 30 Nov 2022

A consumer shops at the Aeon Long Bien supermarket in Hanoi. — VNA/VNS

HANOI (Vietnam News/Asia News Network): The Consumer Price Index (CPI) this month increased by 0.39 per cent compared to the previous month, the General Statistics Office (GSO) reported.

This month’s CPI grew by 4.37 per cent over the same period last year.

CPI in 11 months of this year on average increased by 3.02 per cent over the same period last year; while core inflation rose by 2.38 per cent.

GSO pointed out that the increase in CPI in the first 11 months of this year was attributed to gasoline prices, which were adjusted 31 times from the beginning of the year.

On average, in the first eleven months of this year, domestic gasoline prices rose by 31.76 per cent compared to the same period last year.

Domestic gas prices fluctuate according to world gas prices, gas prices in 11 months of this year increased by 12.76 per cent year-on-year.

The Covid-19 pandemic was under control, and the demand for eating out grew, so the average price of meals outside the home in 11 months increased by 4.78 per cent over the same period last year.

Housing and construction materials rose by 2.75 per cent.

Domestic rice prices increased in line with export prices, making rice prices in 11 months rise by 1.2 per cent year-on-year, causing the overall CPI to grow by 0.03 percentage points.

Prices of food items in the first 11 months grew by 1.32 per cent over the same period last year.

Along with that, the price of educational services grew by 0.47 per cent because some provinces and municipalities increased tuition fees for the 2022-2023 school year.

Besides the reasons for the increase in CPI, there are a number of reasons for the decrease in CPI in 11 months such as decreasing pork price.

The pork price declined by 12.22 per cent year-on-year due to the good control of African swine fever and guaranteed supply.

GSO also pointed out that core inflation increased by 0.43 per cent this month compared to the previous month, by 4.81 per cent compared to the same period last year, higher than the average CPI.

High price of fresh food is the main factor restraining CPI growth rate this month.

The average core inflation in the first 11 months increased by 2.38 per cent over the same period last year, lower than the general average CPI, which reflects the fluctuations in consumer prices mainly due to food prices and gasoline and oil prices.

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Vietnam , CPI


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