Econ
CPI increases 0.41% in October
With the Consumer Price Index (CPI) in October increases 0.41% compared to the same period of previous month, the average inflation rate of the first 10 months is 3.71%, which is still under control.
According to the General Statistics Office, the CPI in October increases 0.41% compared to previous month, up 2.98% compared to the same period of last year, and up 2.25% compared to the last December.
With this result, the average CPI of the first 10 months of 2017 compared to the same period of last year increased 3.71%. As such, the target of restricting the inflation rate under 4% for 2017 is feasible. However, it worth’s mentioning that CPI in the remaining months of 2017 often increase significantly, due to the sudden high demand of goods consumption, not to mention the increasing rate of credit growth and investment for development.
With regard to CPI in October, information from the General Statistics Office showed that compared to last month, both 11 categories of goods and services have increased in price. In which, the category with highest price increase is medicine and healthcare services, up 2.14%. Reason for this is the price increase in healthcare for patients without health insurance according with decision from 7 municipal people’s committees, and the price increase in private treatment facilities in KonTum and Gia Lai provinces. With regard to October, price for healthcare services has increased 2.79%.
At the same time, 6 provinces and cities under direct management of the government has implemented the policy of rising tuition fee in accordance with Decree No. 86/2-15/ND-CP dated October 2, 2015 of the government, which resulted in the price increase for category of education by 0.21%. Meanwhile, the category of housing and material construction has increased 0.63%; transportation group increased 0.61%; restaurant and eateries service up 0.31%; education increased 0.19%; clothing, shoes and fashions increased 0.17%; telecommunication – post office slightly increased 0.01%.
According to the General Statistics Office, due to the impact from storm and landslide in northern area and central Vietnam, as well as increasing consumption demand in foods at some provinces/cities under direct management of the government, the price index for foods increased 0.57%.
Meanwhile, the price index of materials for housing maintenance has increased 0.84%, mainly due to the increase price of steel and metal, with the increasing price of steel in domestic and international markets in recent months, due to the increase price of input materials in July. In addition to price increase in some categories, there are some categories with price decrease slightly, such as, pork decreased 0.95% due to concern of customers with regard to the quality of the products.
Also in October, extreme weather has led to a decrease in demand for electricity, which resulted in an decrease in price of 0.24%. Price of sand continues decreasing from 5 – 15% due to some provinces in southern Vietnam have given permission for sand excavation, while some provinces are in rainy weather, which led to a decrease in construction. October is also not a tourist season, so the price for tour in Vietnam has decreased by 0.16%.
The price of gold in October decreased following the price fluctuation in international gold market. As of October 25, the average global gold price is at 1284.4 USD/ounce, decreasing 2.83% compared to the previous month. The average gold price in domestic market in October decreased 0.88% compared to last month.
With this result, the average CPI of the first 10 months of 2017 compared to the same period of last year increased 3.71%. As such, the target of restricting the inflation rate under 4% for 2017 is feasible. However, it worth’s mentioning that CPI in the remaining months of 2017 often increase significantly, due to the sudden high demand of goods consumption, not to mention the increasing rate of credit growth and investment for development.
With regard to CPI in October, information from the General Statistics Office showed that compared to last month, both 11 categories of goods and services have increased in price. In which, the category with highest price increase is medicine and healthcare services, up 2.14%. Reason for this is the price increase in healthcare for patients without health insurance according with decision from 7 municipal people’s committees, and the price increase in private treatment facilities in KonTum and Gia Lai provinces. With regard to October, price for healthcare services has increased 2.79%.
At the same time, 6 provinces and cities under direct management of the government has implemented the policy of rising tuition fee in accordance with Decree No. 86/2-15/ND-CP dated October 2, 2015 of the government, which resulted in the price increase for category of education by 0.21%. Meanwhile, the category of housing and material construction has increased 0.63%; transportation group increased 0.61%; restaurant and eateries service up 0.31%; education increased 0.19%; clothing, shoes and fashions increased 0.17%; telecommunication – post office slightly increased 0.01%.
According to the General Statistics Office, due to the impact from storm and landslide in northern area and central Vietnam, as well as increasing consumption demand in foods at some provinces/cities under direct management of the government, the price index for foods increased 0.57%.
Meanwhile, the price index of materials for housing maintenance has increased 0.84%, mainly due to the increase price of steel and metal, with the increasing price of steel in domestic and international markets in recent months, due to the increase price of input materials in July. In addition to price increase in some categories, there are some categories with price decrease slightly, such as, pork decreased 0.95% due to concern of customers with regard to the quality of the products.
Also in October, extreme weather has led to a decrease in demand for electricity, which resulted in an decrease in price of 0.24%. Price of sand continues decreasing from 5 – 15% due to some provinces in southern Vietnam have given permission for sand excavation, while some provinces are in rainy weather, which led to a decrease in construction. October is also not a tourist season, so the price for tour in Vietnam has decreased by 0.16%.
The price of gold in October decreased following the price fluctuation in international gold market. As of October 25, the average global gold price is at 1284.4 USD/ounce, decreasing 2.83% compared to the previous month. The average gold price in domestic market in October decreased 0.88% compared to last month.
