Inflation skyrockets in cities

Inflation skyrockets in cities

Inflation continued to heat up in the nation's two largest cities in September, driven by soaring fuel and back-to-school costs, according to statistics offices in the two cities.

The Ha Noi Statistics Office reported that inflation in the past month rose a sharp 2.47 per cent over the previous month. Inflation in the capital city in the first nine months of this year has risen by a cumulative 9.24 per cent compared to the same period last year.

Among 11 classes of goods used to calculate the consumer price index (CPI), the prices of 10 of them rose last month, led by school fees and educational costs, up over 34 per cent, followed by fuel and transportation costs, up 3.67 per cent. Higher petroleum prices also drove up housing and utility costs by 2.16 per cent.

The first nine months of this year saw marginal price deflation in April, June and July, but inflation reignited in August, posting a one-month increase of 0.59 per cent. New September figures reflect the fast rate of price increase since April 2011.

Inflation in HCM City in September rose by a slightly less neck-snapping 1.21 per cent, marking the first increase in the city's CPI in the past six months, according to the HCM City Statistics Office.

The city's September inflation increased by 4.63 per cent compared to the same month last year.

Higher prices in the southern metropolis were also driven by education and fuel costs. School costs in the city shot up by 6.77 per cent, while transportation costs rose 4.12 per cent following three recent increases in retail petrol prices.

Among other commodities, rice saw a notable one-month increase in price, averaging 1.03 per cent

vietnamnews