CPI INCREASES SLIGHTLY IN JULY

The core inflation (CPI after excluding food, energy and commodities under the management of the State including healthcare and education) grew by 0.1% in July compared to the previous month and increased 1.85% over the same period.

In particular, five of the 11 groups of goods and services saw sharp price hikes including transport (up 1.19%); goods and other services (up 0.17%), housing and building materials (0.14%), beverage and tobacco (0.09%), and home utensils (0.06%). The rest of three groups experienced slight rising costs namely garments, hats, and footwear (up 0.04%); healthcare (0.02%); and entertainment and tourism (0.01%).

In addition, costs of education kept unchanged and prices of restaurants and post and telecoms dropped 0.05% and 0.1%, respectively. 

Ms. Do Thi Ngoc, Deputy Director of the GSO's Consumer Price Index Department attributed the slight increasing inflation rate to the national entrance exam, hot weather, and increasing petrol costs.

The prices of food in the seventh month reduced 0.64% against the previous month due to abundant food supply, which also led to the slight increase in CPI in July, said Mrs. Ngoc.

During the month, the domestic gold prices fluctuated with the world’s gold prices hitting nearly VND 40 million (US$ 1,800) per tael at a time but then quickly dipped and remained stable at around VND 36 million per tael.

Meanwhile, the VND/USD exchange rate in July reached a plateau at VND 22,300 per USD.

Source: VGP