AsemconnectVietnam - According to the data just released by the General Statistics Office, the consumer price index (CPI) of Vietnam in February of 2024 increased by 1.04% compared to the previous month; an increase of 1.35% compared to December of 2023 and an increase of 3.98% compared to the same period of 2023.

The reason is because February of 2024 was the month of the Lunar New Year, so people's demand for goods and services increased; the domestic rice prices increased according to export rice prices; and petroleum and gas prices increased according to world fuel prices.
In the 1.04% increase in CPI in February of 2024, there were 9 groups of goods and services with increased price indexes and 2 groups of goods with decreased price indexes. Specifically, the price index of the transportation group increased the highest with 3.09% (making the overall CPI increase by 0.3%). Food and food service group ranked second with an increase of 1.71%, followed by beverages and tobacco; culture, entertainment and tourism; other goods and services.
In the opposite direction, there were two groups of goods and services with falling price indexes: post and telecommunications group and education group.
Regarding inflation, the country’s core inflation in February of 2024 increased by 0.49% over the previous month and increased by 2.96% over the same period last year. On average in the first 2 months of the year, core inflation increased by 2.84% over the same period last year, lower than the general average CPI (increased by 3.67%), mainly due to food, gasoline, and service prices. Health care and educational service prices were factors that impact CPI increases but belong to the group of goods excluded from the basic inflation calculation list.
Notably, domestic gold prices also fluctuate in the same direction as world gold prices. As of February 25, 2024, the average world gold price was at 2,037.18 USD/ounce, up by 1.11% compared to January of 2024 due to expectations that the US Federal Reserve (FED) will loosen monetary policy after the campaign to increase interest rates to curb inflation.
In addition, the demand for gold increased due to prolonged geopolitical tensions and China's economic slowdown, pushing investors to seek gold as a safe haven. Domestically, due to increased demand for buying gold for luck on God of Wealth day, the gold price index in February of 2024 increased by 2.01% compared to the previous month. On average, in the first 2 months of 2024, the gold price index increased by 16.05%.
The otal retail sales of goods and consumer service revenue in February of 2024 increased by 8.5% over the same period last year. In the first 2 months of 2024, the total retail sales of goods and consumer service revenue increased by 8.1% over the same period last year, of which accommodation and food service revenue increased by 14%; and travel tourism revenue increased by 35.8%.
The total retail sales of consumer goods and services at current prices in February 2024 are estimated to reach 509.7 trillion VND, down by 2.3% over the previous month and up by 8.5% over the same period last year. Of which, the food and food products group increased by 14.9%; household appliances, tools and equipment increased by 22.6%; garment increased by 20.8%; accommodation and food services increased by 18.4%; travel tourism increased by 60% over the same period last year.
CK
Source: VITIC/ haiquanonline.com.vn