No price hike during Tet
(VOV) - As the traditional lunar New Year (Tet) holiday is drawing near, the trade sector has secured reliable supplies of goods to ensure there is no goods hoarding or price hikes.
Abundant supplies
Hanoi’s Department of Industry and Trade expects the local consumer demand will increase by 20-25 percent compared to normal months, focussed mainly on festive necessities such as food, food stuffs, confectionary, and beverages.
Nguyen Van Dong, Vice Director of the Department, said the purchasing power has risen over the past few days, listing best sellers including cakes and cookies, fresh foodstuffs, vegetable oil, instant noodles, canned food, beverages, clothes, and electronic appliances.
The price of foodstuffs has also begun to rise, with pork up 5-10 percent, and chicken 10-20 percent.
However, the Municipal Department of Industry and Trade has confirmed the city is maintaining a commodity supply sufficient to satisfy local demand.
The city has advanced VND376 billion to 15 businesses for stockpiling 6,000 tonnes of rice, 900 tonnes of pork, 350 tonnes of chicken, 6 million poultry eggs, 2,000 tonnes of vegetables, 550 tonnes of processed foodstuffs, 450 tonnes of frozen seafood, and 200 tonnes of sugar.
Meanwhile, HCM City has seen strong sales after the recent Promotion Month. Local businesses have kept large amounts of Tet goods in stock, committing to stable market prices.
The Municipal Department of Industry and Trade has dispatched inspection teams to monitor supplies and food hygiene, nipping any goods hoarding in the bud.
Nguyen Khanh Hiep, Vice Director of the Municipal Department of Industry and Trade, said almost half of the demand for items such as vegetable oil, poultry meat, eggs, and processed foods, has already been met.
No complacency over inflation
The Ministry of Industry and Trade (MoIT) has reported there is growing concern about a possible return of inflation after the consumer price index (CPI) surged 1.25 percent in January.
Healthcare service costs were adjusted in 10 provinces and cities in January, driving the country’s CPI up 0.37 percent, the ministry said.
The CPI would have risen only 0.9 percent in January if hospital fees were not adjusted, the MOIT explained, adding that high food and foodstuff prices in the pre-Tet month also contributed to the CPI hike.
At a review meeting on February 4, MoIT Minister Vu Huy Hoang warned that there is no room for complacency, noting that January’s CPI climbed despite low market demand.
He said any management laxity would affect the government’s inflation containment target this year.
“Our primary task is ensuring plentiful supplies and keeping market prices in check,” said Hoang.
To date, 37 localities have implemented the price stabilization programme with a total of VND1,551 billion earmarked for stockpiling goods.