Thursday, July 18,2019 - 22:17 GMT+7  Việt Nam EngLish 

CPI in first half and forecast for 2019 

 Friday, July 12,2019

AsemconnectVietnam - Vietnam’s consumer price index (CPI) in the first half of 2019 increased on average 2.64 percent against the same period last year, the lowest pace recorded over the past three years, according to the General Statistics Office (GSO).

The CPI in June dropped 0.09 percent over the previous month but expanded 2.16 percent year-on-year.
The fall and the slight growth were attributed to price management efforts as well as the flexible monetary policy of the State Bank of Vietnam.
The prices of some consumer goods went up in the first six months due to the increasing demand during the Tet (Lunar New Year) holiday.

In the reviewed period, food, beverages and cigarettes, clothes, public transport and tourism services experienced price hikes.
Of note, the adjustment of electricity price and the greater demand during the Tet - the longest and most important yearly holiday in Vietnam - and the second quarter which marked the run of the hot weather led to a year-on-year rise of 5.84 percent of electricity price.
Besides, prices of construction materials and office supplies also increased, heard the press conference.

Between January and June, the price of oil and gas fell 3.55 percent against the corresponding time last year, contributing to a 0.15 percent fall in the CPI.
Education and health services also experienced price decreases during the period.
Statistics show that June’s basic inflation (CPI exclusive of foodstuff, fresh food, energy, health care and education services) rose 0.16 percent against the previous month and 1.96 percent year-on-year.
In the first half, the figure went up 1.87 percent year-on-year.
CPI target for 2019 feasible: experts
The target of keeping the country's inflation below 4 percent is feasible, experts said at a recent seminar held in Hanoi by the Institute of Economics and Finance (IEF) under the Academy of Finance.

CPI growth might be below 3 percent this year
Several experts predicted that CPI this year would climb by 3.0 to 3.5 percent.
In the second half of the year, a series of factors would be the key drivers of CPI such as rising food prices, especially pork, due to the impact of African swine fever.
However, there are also some factors that will curb CPI growth such as the predicted world economic downturn, which would stop the price of raw materials recovering, as well as the Government’s drastic measures to stabilize prices and monetary policies.
Representatives from the Finance Ministry’s Price Management Department were of the view that CPI growth would be somewhere between 3.3 to 3.9 percent this year.
The ministry will continue keeping a close watch on the supply-demand situation to take suitable solutions to stabilize the market, especially in terms of essential goods like pork, construction materials and petrol.
While the fiscal policy must be governed in a strict manner, the monetary policy needed to be flexible and coordinated with other macro-economic policies to keep inflation within the ceiling limit, experts said.

Prices of construction materials and office supplies also increased.
Between January and June, the price of oil and gas fell 3.55 per cent against the corresponding period last year, contributing to a 0.15 per cent fall in the CPI.
Education and health services also experienced price decreases during the period.
Statistics show that June’s basic inflation (CPI exclusive of foodstuff, fresh food, energy, healthcare and education services) rose 0.16 per cent against the previous month and 1.96 per cent year-on-year.
In the first half, the figure went up 1.87 per cent year-on-year, which, GSO said, signaled the efficiency of the monetary policy.

HCM City’s CPI goes down slightly in June
Consumer price index of Ho Chi Minh City in June decreased by 0.04 percent compared to that of May and increased by 3.79 percent year-on-year, said the municipal Statistical Office.
Among 11 commodity groups, eight recorded monthly price increases, including beverages and tobacco (0.27 percent), apparel, headgear and footwear (0.23 percent); household equipment and appliances (0.23 percent); entertainment and tourism (0.22 percent); food and catering services (0.19 percent); water and electricity and fuel (0.12 percent); housing, electricity, water and fuel (0.12 percent), other goods and services (0.12 percent) and education (0.085 percent)
Meanwhile, decreases were seen in medicine and medical services (0.01 percent); transportation (1.89 percent) and post and telecommunications (0.25 percent).
HCM City’s CPI in the first half of 2019 was 3.92 percent higher than that of the same period of 2018
Gold and USD prices in June moved up 1.79 percent against May, and up 0.01 percent year-on-year.
Source: VITIC/Vietnamplus.vn/VNS 

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