CPI in February increases by 0.34 per cent

CPI in February increases by 0.34 per cent

Core inflation rose by 0.3 per cent compared to the previous month.

Pork price increased the most in the food and beverage group in the first two months of the year, by 10.76 per cent, due to supply shortages while demand rose during the Tết (Lunar New Year) holiday. — VNA/VNS Photo Vũ Sinh

 The Consumer Price Index (CPI) increased by 0.34 per cent in February, mainly due to the price rises of pork, rent and other food and transportation services, according to the latest report on the socio-economic situation published by the General Statistics Office (GSO).

It also marked an increase of 2.91 per cent compared to the same period last year, while core inflation in February rose by 0.3 per cent compared to the previous month.

On average, in the first two months of the year, core inflation increased by 2.97 per cent compared to the same period last year, which is lower than the overall average CPI increase of 3.27 per cent.

Out of the 0.34 per cent CPI increase in February, there were nine groups of goods and services with an increase in price indices, and two with a decrease.

Among the nine groups of goods and services that saw price increases, transportation had highest increase of 0.63 per cent, contributing to a 0.06 percentage point increase in the overall CPI.

This was followed by the housing, electricity, water, fuel, and construction materials group, which increased by 0.55 per cent and contributed to a 0.1 percentage point increase in the overall CPI.

On the other hand, the two groups with a price decrease were postal services and telecommunications, and clothing, hats, and footwear.

The food and beverage group contributed the most to the CPI increase in the first two months of the year. Its price index increased by 3.76 percent, dragging the overall CPI up by 1.26 percentage points. 

Within this group, pork prices increased the most, by 10.76 per cent, due to supply shortages, while demand rose during the Tết (Lunar New Year) holiday, contributing 0.36 percentage points to the CPI increase. 

The housing and construction materials group saw the highest price index rise, 5.01 per cent, due to increases in cement, steel, and sand prices. This dragged the overall CPI up by 0.94 percentage points.

In terms of gold prices, in February, they fluctuated in line with global gold prices.

As of February 28, the average global gold price was US$2,898.22 per ounce, an increase of 6.92 percent compared to January. This increase was due to US tax policy announcements, which led to concerns about escalating trade wars and increased demand for gold as a safe asset. 

In Việt Nam, demand for gold during the God of Wealth Day (February 7) led to a 4.72 per cent increase in the gold price index in February compared to January and a 32.5 per cent increase compared to the same period last year.

On average, the gold price index rose by 30.84 per cent in the first two months of the year.  

As of February 28, 2025, the international US dollar price index was at 107.31 points, a decrease of 1.16 per cent from the previous month due to falling US Treasury bond yields, the impact of US tariff policies, and trade tensions.

In Việt Nam, the average exchange rate on the black market was around VNĐ25,548 per dollar.

The US dollar price index decreased by 0.06 per cent in February compared to the previous month but increased by 3.52 percent compared to the same period last year.

On average, the US dollar price index increased by 3.75 per cent in the first two months of the year. 

Bizhub