CPI rises 0.18 percent in July

SGGP
Figures released by the General Statistics Office of Vietnam on July 29 showed that consumer price index (CPI) in July edged up by 0.18 percent compared to the previous month.

The price of pork in July climbed by 0.81 percent compared to the previous month. (Photo: SGGP)

The price of pork in July climbed by 0.81 percent compared to the previous month. (Photo: SGGP)

In the first seven months of this year, CPI has risen by an average growth of 2.61 percent over the same period last year, the lowest seven-month growth in the last three years.

Increase in CPI this month was affected by the outbreak of African-swine fever in 62 provinces in the country which caused around 3.7 million pigs to be destroyed and several large-scale pig farming households to temporarily halt their operations or reduce their farming scales. Therefore, the price of pork climbed by 0.81 percent compared to the previous month, contributing an increase of 0.03 percent to general CPI.

Besides, prolonged hot weather caused drought in some provinces, urging people to use more power. This is the factor that made power price index to surge 0.76 percent in comparison with last month. Basic salary level rose by VND100,000 per month as of July 1 also made price index of health insurance jump by 6.67 percent over last month.

Meanwhile, the factors that made CPI decline were domestic gas prices and rice prices.

In comparison with the same period last year, average seven-month inflation had higher growth than core inflation, showing that monetary policy remained stable. Price fluctuation was mainly from increases in prices of food, foodstuff, gasoline, healthcare and education.

By Anh Phuong – Translated by Thuy Doan

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