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Vietnam sees May's CPI lowest in 10 years

Staff Writer | May 30, 2017
The consumer price index (CPI) of Vietnam dropped 0.53 percent in May against April, announced the country's General Statistics Office (GSO).
Vietnam
Asia   The consumer price index
Still, the index posted a 3.19-percent year-on-year increase and a 0.37-percent rise compared to December 2016.

Average CPI of the five-month period stood at 1.56 percent, up 4.47 percent year-on-year but still lower than the ceiling target of 1.6-1.8 percent.

Of the 11 items in the CPI calculation basket, prices of four sank, while seven witnessed marginal rise compared to the previous month.

Specifically, food and catering services recorded the largest fall of 1.43 percent, transport down 0.34 percent, telecommunications down 0.05 percent, and housing and construction materials down 0.02 percent.

Meanwhile, price hikes were seen in other goods and services (0.15 percent), culture, entertainment and tourism (0.13 percent), household appliances (0.1 percent); beverage and cigarette (0.08 percent), garment, footwear and hat (0.05 percent), pharmaceuticals and healthcare services (0.04 percent), and education (0.02) percent.

The price slump of foodstuffs is determined by the GSO as the main reason behind the CPI drop in May. Harvest time of winter-spring rice in northern provinces pulled the food prices down 0.06 percent month-on-month, according to Do Thi Ngoc, Deputy Director of the GSO's Price Statistics Department.

Prices of foodstuff, which makes up the biggest proportion in the food and catering services group, declined 2.27 percent, mainly in fresh meat.

Notably, pork prices plummeted 9.94 percent from April due to a surge in supply, unchanged demand, and Chinese traders' weak purchase.

Ngoc said petrol prices were cut on May 5 and 20, leading to a 0.71 percent decline in fuel prices compared to the previous month.

Vietnam aims to keep CPI rise lower than 4 percent throughout 2017 compared to December 2016, and this target is highly attainable, according to the GSO.


 

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