Nation’s CPI increasing higher than Ministry forecast

Vietnam’s consumer price index (CPI) in March increased by 0.75 percent, and in the first quarter of the year, it rose by 8.51 percent compared to the same period last year, the General Statistics Office announced March 24.

Buyers at Ben Thanh market. Vietnam’s consumer price index (CPI) in March increased by 0.75 percent. (Filed photo)

Earlier, the Ministry of Finance forecast that the CPI in March would increase by just 0.5 percent.

Ten out of 11 commodity groups recorded increases of between 0.15 percent and 1.38 percent, but post and telecommunication services dropped by 0.20 percent as a result of promotions and discount programs, the office said.

Housing and construction materials increased the most sharply during the month, rising by 1.38 percent, followed by food and restaurant services which increased by 1.03 percent.

Economic experts said the State needs to implement measures to stabilize prices next month with the aim of limiting inflation in 2010 to under 7 percent, which was approved by the National Assembly at the beginning of the year.

The March CPI in Hanoi and Ho Chi Minh City, the country’s largest cities, is estimated to have risen 0.75 percent and 0.78 percent respectively, the Statistics Office reported.

The rise in CPI is mostly attributed to a rise in the price of electricity, petrol, gas and steel, as well as increased transportation costs.

Sources:SGGP,VNA_Translated by Cong Dung

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