Prices mostly stable as capital city faces historic water levels
Prices have remained mostly stable as Hanoi is left reeling from the damage caused by Super Typhoon Yagi, Asia's most powerful storm this year.
The latest report by the city's market watch said prices of eggs, meat and fish have not increased much, while fresh vegetables and seafood have seen significant increases.
Massive flooding in some northern provinces has reduced the capital's food supply. Prices for pork, beef and poultry have not seen large increases, with local vendors claiming there is an ample supply of meat for city residents.
In addition, prices of fruits have not changed much as demand has plummeted. Consumers are reportedly prioritising essential items like rice, instant noodles, salt, sugar, cooking oil and other dry foods, which have not seen major price hikes.
Vegetables, on the other hand, have seen significant price increases since yesterday as farm products around the capital city were destroyed by rising water. The city’s local markets reported prices for fresh vegetables increasing by as much as 20-40%. Vegetables that can be preserved for longer periods such as pumpkins, squash, potatoes and radishes were among the most popular products.
According to local vendors, vegetable prices are not likely to go down in the short term, as difficulties in finding supply and higher costs of transportation were eating into their profit margins. Some, however, have pledged to keep prices stable for as long as they can and prevent price gouging as the city’s residents face one of the worst natural disasters in history.
Seafood has also seen price increases as the super typhoon severely hampered transportation, preventing fresh seafood from reaching the city. Seafood vendors said difficulties in transportation were among the most significant factors during recent price hikes.
Preparing for a surge in demand, supermarkets and stores have built up stockpiles of popular items including meat products, vegetables and fruits. They have also promised prices will stay stable, on top of the usual guarantees of quality and origin.
The Ministry of Industry and Trade has instructed the northern market watch units to increase inspections, surveillance and investigations. The ministry stressed that abuses, violations, hoarding and price gouging must be strictly and heavily punished, especially for essential items.
Additionally, the Ministry has requested that the General Department of Market Management and local Market Management Departments coordinate with media agencies to publicly disclose cases involving organisations and individuals taking advantage of natural disasters or other unusual events for illegal profits.
Abnormalities must be investigated and people profiting off natural disasters must be held accountable legally, said the ministry in an official statement. A list of offenders, as well as details of their violations, will be made publicly available.
