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Vietnam's CPI in H1 reaches the peak in 5-year period

09:40 | 30/06/2020

According to the General Statistics Office, Vietnam's consumer price index (CPI) has seen a year-on-year increase of 4.19% during the first six months of 2020, reaching the peak in the 2016-2020 period. 

 

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Vietnam's CPI in 6 months (Photo: VGP)

In June, Vietnam's CPI unexpectedly rose 0.66% against the previous month. However, the CPI in June decreased by 0.59% against last December, the lowest level in the 2016-2020 period, according to VGP

In the first half of the year, CPI still rose 4.19%, the record high in the past five years. The CPI in the second quarter of 2020 decreased by 1.87% over the previous quarter and went up by 2.83% over the same period in 2019, reported by Nhan Dan

Data reveals that core inflation (CPI excluding grains, fresh foodstuffs, energy, and State-managed healthcare and education) was 2.81 percent higher than in the same period of last year.

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Consumers in a supermarket shopping for food (Photo: Saigon Giai phong)

Seven of the eleven groups of main consumer goods and services recorded month-on-month price hikes in June. They include transport (6.05 percent), food and restaurant services (0.44 percent), beverage and cigarettes (0.09 percent), household appliances and goods (0.07 percent), medicine and healthcare services (0.01 percent), education (0.01 percent), and other goods and services (0.19 percent).

Meanwhile, three groups had falling prices - housing and construction materials (0.42 percent), postal and telecoms services (0.04 percent), and culture, entertainment, and tourism (0.01 percent). The prices of garments, footwear, and headwear remained stable. 

The GSO noted that gold price picked up 1.71% in June, 16.81% compared with last December, and 30.18% against the same period last year, due to COVID-19 impacts as well as the U.S.-China trade dispute.

Meanwhile, USD prices saw a month-on-month decline of 0.58%; increased by 0.47% against last December, and a year-on-year decrease of 0.59%.

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High pork prices were among the factors contributing to the CPI growth in June (Photo: VNA)

According to Director of the GSO’s Price Statistics Department Do Thi Ngoc, the June CPI growth was partly driven by high petrol and pork prices. 

Other factors curbing the increase are the falling rice prices since the harvest of the winter-spring crop was completed, and the falling price of fresh aquatic products due to lower input costs and decreasing demand from importing countries and tourists. 

Besides, household electricity prices were also cut in June to help those affected by Covid-19 under the decisions by the Government and the Ministry of Industry and Trade. 

The GSO added that in the first half of the year, overall inflation increased at a faster pace than core inflation. This demonstrates that price changes were primarily driven by non-monetary factors such as food and petrol prices, informed VNA

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Candy Lee

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