AsemconnectVietnam - Vietnam’s national consumer price index (CPI) in July grew by 0.45% month-on-month, fueled by higher prices of food, foodstuff and electricity, according to the General Statistics Office (GSO).

This figure represents an increase of 2.06% compared to the same period last year. The July core inflation increased 0.36% from last month and 4.11% from the same period last year.
Among the 11 groups of goods and services used to calculate the CPI, ten had higher prices than in the previous month, with the group of other goods and services reporting the highest rise of 2.84%.
Housing and construction materials rose by 0.51% month on month while transportation went up 0.11%. Post and telecommunications is the only group with prices dropping in the month, falling 0.12%.
The average CPI in the first seven months of 2023 rose by 3.12% against last year’s corresponding period while core inflation was up by 4.65%.
The GSO attributed the seven-month CPI hike to the prices of educational services which increased by 7.61% compared to the same period last year because some localities have increased school fees from September 2022 after exempting or reducing the fees in the 2021-2022 academic year.
Another contributor to the CPI hike was the prices of housing and construction materials which went up 6.58% year-on-year due to the increase in cement, iron, steel and sand prices in line with the price of input materials and high housing rents. The group of other goods and services rose by 3.71% over the same period last year, mainly because health insurance services increased following a hike in basic salary from July 2023.
The prices of culture, entertainment and tourism groups up by 3.45% as the COVID-19 pandemic was put under control resulting in an increase in people's demand for entertainment and tourism.
In August, the gold price index fell by 0.03% against the previous month, while the US dollar index rose 0.53%.
Hanoi’s seven-month CPI increased slightly
The consumer price index (CPI) of Hanoi went up 0.99% in the first seven months of 2023 compared to the same period last year, the municipal Statistics Office reported.
During the period, eight of the 11 categories of goods and services saw price hikes, namely food and restaurant services up 3.8%; beverages and cigarettes 3.47%; culture, entertainment and tourism 3.24%; apparel, head wear and footwear 1.68%; family equipment and appliances 1.19%; housing, electricity, water, fire fuel and construction materials 0.53%; medicine and health services 0.35%; and other goods and services 3.46%.
Prices declined in three categories – education was down 4.66%, transport 4.2%, and postal and telecommunications services 0.4%.
Meanwhile, the July CPI inched up 0.44% from the previous month and 0.51% from December 2022, but fell 0.4% from the same period of 2022.
In July, Hanoi welcomed 388,000 tourist arrivals, rising 4% month on month and 52.6% year on year. That contributed to the seven-month figure of over 2.6 million, surging 2.3-fold from a year earlier, data shows.
Ho Chi Minh City’s CPI also increased slightly in July
The consumer price index (CPI) of Ho Chi Minh City this month has inched up a slight 0.15 percent month on month, according to the municipal Statistics Office.
Three out of the 11 consumer goods and services groups in the basket of items used to work out the CPI saw a decline compared to last month, namely post and telecommunications, housing and construction materials, and education services.
Of these three, the group of post and telecommunications registered the biggest fall of 0.28 percent.
The prices of medicine and healthcare services trod water.
Regarding the remaining seven categories, the group of other goods and services reported the highest rise of 1.01 percent.
The prices of food and catering services edged up 0.32 percent, partly due to the dwindling supplies of aquatic products and vegetables caused by excessive rainfall.
The two groups of beverages and tobacco and apparel-footwear-headwear marked an increase of 0.17 percent and 0.31 percent, respectively, mostly due to rising demand.
Similarly, this month saw transport service prices up 0.3 percent as a result of diesel oil, public transport services, and transportation accessories price hikes.
The municipal Statistics Office added that the gold price index in July rose 0.07 percent against last month, sending the index during the first seven months of the year up 0.28 percent over a year earlier.
In addition, the U.S. dollar price index this month improved 0.55 percent compared to last month.
The greenback price index during the seven-month period expanded 2.56 percent year on year.
Total retail sales, service revenue in the first 7 months of 2023
The total retail sales of consumer goods and services have increased 10.4% year on year to almost 3.53 quadrillion VND (149 billion USD) in the first seven months of 2023, compared to a rise of 15.7% during the same period of 2022, reported the General Statistics Office (GSO).
Excluding the price factor, the seven-month sales climbed 9.6%, compared to the growth of 11.7% during the same period last year.
Goods retail sales are estimated at nearly 2.78 quadrillion VND during the period, accounting for 78.7% of the total and rising 9% from a year earlier. In particular, retail sales of food went up 12.9%, cultural and educational products 10.1%, apparel 8.8%, household tools and equipment 3.6%, and vehicles (except for automobiles) 1.7%.
Meanwhile, accommodation and restaurant services generated about 377.3 trillion VND in revenue, making up 10.7% of the total and rising 16.3%.
Tourism revenue soared 53.6% to 18.6 trillion VND, as July was the peak month of summer tourism. Some localities have recorded surges in seven-month tourism revenue such as Da Nang 99.7%, Hanoi 89.7%, Quang Ninh 82.5%, Khanh Hoa 75.1%, Hai Phong 68.1%, Ho Chi Minh City 43.5%, Can Tho 33.4%, and Binh Duong 21.3%.
Earnings from other services stood at 356.2 trillion VND, equivalent to 10.1% and up 13.8% year on year.
July witnessed vibrant retailing and services, especially tourism, the GSO said, elaborating that retail sales and consumer service revenue totaled 512.2 trillion VND, up 1.1% month on month and 7.1% year on year.
CK
Source: VITIC/Vietnamplus.vn/tuoitrenews.vn