Price hikes in almost commodities fuel January’s CPI growth
Vietnam’s consumer price index (CPI) in January grew 0.51% from the previous month and 2.65% from the same period last year, driven by price hikes in 10 of the 11 groups of commodities.
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The General Statistics Office (GSO) said on January 29 that medicine and health care services recorded the strongest price rise of 1.83% while the slightest increase, 0.03%, was seen in the education group.
Only postal and telecommunication services posted a price decline of 0.09%.
The GSO attributed the strong CPI growth in January to an average electricity price hike of 6.08% on December 1, 2017, which contributed 0.06% to the overall CPI expansion.
Petrol prices were also raised on January 4 and 19, leading to a 2.65% rise in fuel prices month on month and contributing 0.11% to the CPI pace.
Meanwhile, consumption demand also surged this month as the Lunar New Year festival is nearing. Stronger demand for house repair for the approaching traditional festival also boosted prices of building materials and services, along with higher train ticket prices.
In January, persons without health insurance also suffered from a 2.34% monthly growth in health care services costs which made a 0.09% rise to the CPI.
Gold prices rose 1.69% from December and 6.7% from a year earlier while USD prices respectively declined 5.38% and 5.36%.
Core inflation in January rose 0.18% month on month and 1.18% year on year, according to the GSO.
