11-month CPI climbs 2.47%

In November alone, the CPI rose 0.48% from the previous month, 4.52% against the same period last year, and 4.5% from last December.

The situation was mainly driven by the strong surge of prices in food due to the increasing demand in the wedding season, said Director of the GSO’s Price Statistics Department Do Thi Ngoc.

An upturn was seen in nine out of the 11 major goods and service groups, with the biggest increase reported in transport services at 1.63%. It was followed by medicine and health care services (0.9%), food and catering services (0.49%), housing and construction materials (0.49%), textiles, headwear and footwear (0.24%). 

The group experiencing a price decline was telecommunication (0.02%), while the education group’s price was uncharged.

The GSO said many other factors could cause pressure on the CPI in November, including prices of electricity for daily activities, tourism services, and gold.

The November basic inflation (excluding food and fresh foodstuff, energy and State-controlled commodities such as healthcare and education services) climbed 0.1% from the previous month and 1.87% year-on-year. Basic inflation of the past 11 months of 2016 rose 1.82% against the same period last year. 

The basic inflation from January to November fluctuated within a narrow amplitude from 1.64% to 1.88%, reflecting a healthy monetary policy that helps to stabilize the macro-economy.

December’s CPI is forecast to be higher than that of November due to the rising demand in food, beverage, cigarettes, and textiles serving upcoming festivals in the end of the year.