Vietnam’s CPI up 0.18% in July
Vietnam’s CPI up 0.18% in July
Vietnam’s consumer price index (CPI) in July rose by 0.18% month-on-month and was up 2.44% from the same period last year, the General Statistics Office (GSO) announced today, July 29.
Since early this year, the index has advanced 2.61% over the same period last year, still the lowest for the seven-month period in the past three years.
Among the 11 main commodity groups, nine reported price rises, including goods and other services, which saw the highest rise of 0.94%; food and catering services (0.33%); education (0.22%); culture, entertainment and tourism (0.15%); and beverages and tobacco (0.12%).
The prices of transportation as well as housing, electricity, water and construction materials saw the same price drop of 0.03%.
Speaking with Vietnamplus website, Director of GSO’s Statistics Department Do Thi Ngoc noted that the prices of some input materials had advanced in July, when the nation also saw the effects of a base wage hike and African swine flu.
However, the State Bank of Vietnam still maintained its flexible monetary policies, keeping the CPI at moderate growth.
As of July 24, African swine flu outbreaks had been detected in 62 provinces and cities, leaving Ninh Thuan the only locality in Vietnam to remain untouched by the disease. Some 3.7 million pigs had been culled while many households had stopped pig farming activities, sending pork prices up 0.81% this month.
Meanwhile, the CPI of the health insurance group in July increased 6.67% month-on-month due to the increase in the basic salary. In addition, there was an increase in tuition fees in some provinces and central-level cities based on a government decree, Ngoc said.
Gold, greenback make mixed moves
The greenback depreciated against other currencies during the month due to expectations that the U.S. Federal Reserve would cut interest rates to stimulate economic growth.
However, strong foreign reserves in Vietnam kept the dong-U.S. exchange rate stabilized. The greenback declined by some 0.56% against the dong, while the dollar price on the unofficial market was roughly VND23,220, Ngoc added.
During the month, the domestic gold price was about VND39.7 million per tael, 4.78% higher than the previous month, driven by the 4.04% rise in the global price.
According to the GSO, core inflation (CPI exclusive of foodstuff, fresh food, energy, healthcare and education services) in July and the first seven months of 2019 increased by 0.23% and 1.89%, respectively, compared with the same period last year.
