May CPI soars 0.16% due to petrol price rise
The Consumer Price Index (CPI) in May climbed by 0.16% from the previous month, by 0.95% compared to the same months last year and by 0.2% against December 2014, reported the General Statistics Office on May 24th.
Like April, this month’s CPI suffered main impacts from petrol and oil price rises. In addition, electricity price increases from March 16th showed more clearly in this month.
Petrol price rise was attributed to May CPI increase. (Photo: VNA)
The highest CPI rise in May went to housing and building materials at 1.27% over a month earlier.
Despite the average petrol and gas price in May lowering from April, the price index of the commodity still hit a record high within the past 17 months due to the impact from electricity price increases starting from March 16th under the Ministry of Industry and Trade’s decision.
Transport had the second price index rise in May at 1.02%. Adjustment in the local retail petrol price to 11% from May 5th directly affected the group’s CPI.
Increased travel demand during the long holiday on National Reunification (April 30th) and International Labour Day (May 1st) significantly contributed to the price rise of the group.
Other commodities saw slight CPI rises while the price of education remained stable from the previous month.
The only group witnessing a price reduction in the fifth month of the year was restaurants and food and its powerful control on the common CPI contributed to curb this month’s price rise. Restaurant and food services prices dropped 0.22% over a month earlier, in which food price decreased 0.46% and foodstuff felt 0.29%.
In total, CPI over the past five months soared 0.2%, marking the lowest price rise within the past 14 months./.