CPI drops by nearly 0.1 percent in June

The General Statistics Office of Vietnam has recently announced that consumer price index (CPI) in June slightly slid by 0.09 percent over the previous month.
It was unexpected that CPI dropped this month as it climbed by 0.31 percent and 0.49 percent in April and May respectively due to impacts caused by adjustments in power and fuel prices.

Among the basket of commodities, transport fell most with 1.73 percent, affected by a decrease in fuel prices on June 1, dragging general CPI down by 0.16 percent. Housing and building materials decreased 0.2 percent as gas price lost 8.79 percent and kerosene price sank 3.28 percent, causing general CPI to slide 0.11 percent. Post and telecommunication declined 0.1 percent.

However, eight out of 11 commodity and service groups saw increases in prices compared to the previous month. Beverages and tobacco rose 0.33 percent. Education surged 0.23 percent, of which, educational services edged up 0.15 percent. Culture, entertainment and tourism gained 0.2 percent. Equipment, household appliances and garments, hats and footwear both advanced 0.14 percent. Restaurant and catering service went up 0.12 percent, of which food reduced 0.34 percent as rice price retreated 0.54 percent. Medicines and healthcare service inched up 0.05 percent. Goods and other services added up 0.15 percent.

Average CPI in the first six months of this year rallied by 2.64 percent over the same period last year, the lowest level in the past three years.

According to the GSO, six-month CPI climbed as the prices of food escalated by 5.4 percent over the same period last year, of which the price of pork rocketed 14.85 percent, causing CPI to increase 0.62 percent; beverages and tobacco hiked 1.81 percent; ready-made clothes grew 1.68 percent; public transport service jumped 3.45 percent; package tour service soared 3.31 percent.

Housing maintenance materials also shot up 1.99 percent over the same period last year due rising building demand along with increasing prices of cement, steel and laborers.

Adjustment in power price also caused the price of power in the first half of this year to augment 5.84 percent over the same period last year.

By Anh Phuong – Translated by Thuy Doan

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