November CPI falls slightly on lower fuel prices

The consumer price index (CPI) in November decreased slightly from the previous month due to lower fuel prices, according to the General Statistics Office (GSO).

 

The CPI in November fell by 0.01 per cent over October, increased by 0.08 per cent over December 2019 and by 1.48 per cent from the same period last year.

The GSO said that lower fuel prices caused a slight drop in the CPI this month.

Among 11 categories of goods in the CPI basket, three saw decreases in prices in November, including transport, postal and communication services, as well as culture, entertainment and tourism.

The transport category saw the largest drop by 0.47 per cent on lower fuel prices. Fuel prices fell on October 27, November 11 and November 26 which pushed fuel price down by an average 1.32 per cent.

Automobile prices also decreased by 0.08 per cent for new cars and 0.45 per cent for second-hand vehicles as many promotions were launched to promote sales.

Postal and communication services fell by 0.17 per cent on lower smartphone prices.

The category of culture, entertainment and tourism fell by 0.06 per cent.

Categories which saw increases included textiles, footwear and hats (by 0.14 per cent) as winter approached, pushing up shopping demand, housing and construction materials by 0.07 per cent, and drinks and tobacco by 0.06 per cent. The food and catering services rose by 0.05 per cent, mainly due to the increase by 0.75 per cent in the rice price which was caused by preparation for exports and reserves to cope with the flooding in the central region.

Of note, the pork price dropped by 3.44 per cent in November.

The CPI increased an average of 3.51 per cent in January – November.

Core inflation, excluding grain food, foodstuff, energy and goods managed by State agencies like medical and educational services, rose 0.03 per cent against the previous month, 1.61 per cent against November last year and 2.43 per cent against the same period last year.

The CPI has been under good control from the beginning of this year and looks set to expand at below 3.5 per cent for the full year, lower than the National Assembly’s target of below 4 per cent.

The CPI in 2019 increased by 2.79 per cent against 2018, the lowest increase in 2017-19. 

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