November sees 10-year low CPI rise
November’s Consumer Price Index (CPI) picked up 0.07% from previous month and 0.34% from the same period last year, the lowest level of rise recorded in the past decade, according to statistic from the General Statistics Office (GSO).
Slight rises were seen in nine out of 11 groups of goods and services, used to calculate monthly CPI, in November. The housing and building materials group posted a 0.32% price increase, while beverage and tobacco prices went up 0.16%.
Deputy Director of the GSO’s Price Statistics Department Do Bich Ngoc said that food prices rose by 0.31% as traders rushed to buy rice for export to Indonesia and the Philippines.
High demands for beef and seafood during wedding season also resulted in the surge in fresh food prices, Ngoc stated.
A 0.14% increase in the prices of clothing and footwear due to the approach of winter also contributed to the CPI rise.
Growing demands for antibiotic and vitamin in the month due to seasonal weather change also pushed the medicine prices up by 0.16% while medical service cost remains stable.
The GSO’s figures also pointed out some factors helping to curb the rise of November’s CPI, including the reduction of petrol and diesel prices on October 19 and November 3, and dropping steel price and public transport cost.
According to the GSO, November’s core inflation rate, the CPI excluding fresh food, energy and State-controlled commodities like medical and educational services, expanded 0.05% from last month and 2.08% against the same month last year.
Next month’s CPI is expected to rise from 0.8% to 0.9% from last December. However, if adjustments are made to medical service cost, the rise can be higher, at 2.1%-2.3%.
Deputy Director of the GSO’s Price Statistics Department Do Bich Ngoc said that food prices rose by 0.31% as traders rushed to buy rice for export to Indonesia and the Philippines.
High demands for beef and seafood during wedding season also resulted in the surge in fresh food prices, Ngoc stated.
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| Food prices rose by 0.31% as traders rushed to buy rice for export to Indonesia and the Philippines. (Source: VNA) |
A 0.14% increase in the prices of clothing and footwear due to the approach of winter also contributed to the CPI rise.
Growing demands for antibiotic and vitamin in the month due to seasonal weather change also pushed the medicine prices up by 0.16% while medical service cost remains stable.
The GSO’s figures also pointed out some factors helping to curb the rise of November’s CPI, including the reduction of petrol and diesel prices on October 19 and November 3, and dropping steel price and public transport cost.
According to the GSO, November’s core inflation rate, the CPI excluding fresh food, energy and State-controlled commodities like medical and educational services, expanded 0.05% from last month and 2.08% against the same month last year.
Next month’s CPI is expected to rise from 0.8% to 0.9% from last December. However, if adjustments are made to medical service cost, the rise can be higher, at 2.1%-2.3%.