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Submitted by ctv_en_3 on Wed, 11/25/2009 - 19:00
The consumer price index (CPI) in November increased by 0.55 percent compared to October, by 4.35 percent compared to last November and by 5.07 percent compared to last December.

With the current rate, CPI over the past 11 months rose by 6.91 percent over the same period last year.

According to the General Statistics Office of Vietnam (GSO), CPI of 10 out of 11 products went up by 0.03-0.87 percent. Post and telecommunications decreased by 0.05 percent.

The highest increases were seen in food and restaurant services (0.87 percent), following by houses and construction materials (0.75 percent), beverages and tobacco (0.44 percent) and transportation (0.42 percent).

Deputy Head of the Trade and Price Department of GSO, Nguyen Duc Thanh, said that foodstuff prices had risen sharply because rice export businesses were accelerating the purchase of rice from farmers. In addition, heavy flood and storm damage in the central and central highland provinces had sent the prices of food and foodstuffs soaring.

The sharp rise of construction materials such as steel and cement, and the price of housing in big cities have pushed up the CPI of late. Furthermore, the adjustment of petroleum price is another cause for a CPI hike. Besides, now is the wedding and festival season so prices of essential commodities rise due to increasing demands.

Experts forecast that from now until the end of this year, the prices of food and foodstuffs would continue to go up due to the impact of floods and storms. Prices of imported products will also increase because of a rise in the US dollar value.

Epidemics, which are occurring in many localities, will hinder supplies. According to the market rule, December will see a higher CPI growth as citizens tend to spend more before the year ends.

In November, gold prices fluctuated wildly by 10.08 percent compared to October, 48.72 percent compared to December 2008. Similarly the US dollar also rose by 1.45 percent compared to October.

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