August CPI growth hits 9-year low

The national consumer price index (CPI) this month increased by 0.22 per cent over that of last month and 1.84 per cent over that of the end of last year.

Customers shop at Satra Sai Gon supermarket in HCM City. National consumer price index (CPI) growth hit a nine-year low in August, with the average CPI for the first eight months of the year increasing 4.73 per cent year-on-year due to increases in the prices of garments, footwear and foodstuffs (Photo: VNS)

The General Statistics Office (GSO) provided the figures, which are the lowest levels recorded for August in the past nine years, as numerous factors have curbed price increases this month, said Do Thi Ngoc, Director of the GSO's CPI Department.

The world prices of numerous essential goods remained stable and declined while domestic petroleum prices decreased thrice in nearly a month since July 18.

In August, petroleum prices fell by 0.16 per cent month-on-month, public traffic service prices dropped by 0.15 per cent, and housing and building material prices fell by 0.31 per cent.

Ngoc noted, however, that the average CPI for the first eight months of the year increased by 4.73 per cent over that of the same period last year, nearly hitting the 5-per cent to 5.5-per cent levels that the Government aimed for in 2014.

Increasing rice exports to Southeast Asia and China pushed up rice prices, and foodstuff prices grew by 0.45 per cent in August as a result.

Autumn festivals and rising breeding costs caused food prices to go up by 0.54 per cent, and greater demand for clothes, shoes and school materials also pushed up the prices of garment and footwear products by 0.32 per cent beyond the new school year.

In August, gold prices declined by 0.34 per cent month-on-month and by 0.06 per cent year-on-year. The price of the US dollar likewise fell by 0.26 per cent month-on-month and 0.07 per cent year-on-year.

The Ha Noi and HCM City departments of statistics reported earlier that the CPI continued to rise in the country's two largest cities.

The CPI rose by 0.19 per cent in the capital and 0.05 per cent in the southern city, in August.

Source: VNS

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