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Vietnam's CPI up 0.4% in July

15:44 | 30/07/2020

According to the General Statistics Office (GSO), Vietnam's consumer price index (CPI) in July grew by 0.4% against June and 3.39% year-on-year.

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vietnams cpi up 04 in july
Among the 11 main commodity groups, nine saw prices to increase (Photo: VOV)

Among the 11 main commodity groups, nine saw prices to increase. Transportation increased the most, by 3.91%, while housing and construction materials up 0.47%; culture, entertainment and tourism 0.3%; and goods and other services 0.17%, according to VOV.

The price of food and catering services and post and telecommunications, meanwhile, fell 0.18% and 0.02%, respectively.

According to the GSO's Price Statistics Department Do Thi Ngoc, the CPI increased in July based on the higher prices of petrol, gas, electricity, and water due to increasing demand.

The transport sector saw the highest price increase at 3.91%, housing and construction materials went up by 0.47%; and culture, entertainment and tourism services rose by 0.3%; amongst others.

vietnams cpi up 04 in july
The CPI increased in July based on the higher prices of petrol, gas, electricity, and water (Photo: Nhan Dan)

Only two groups of goods and services reported price decreases in July including restaurants and catering services, down 0.18% and post and telecommunications, down 0.02%.

Ms. Ngoc said that the CPI rise can be attributed to the increasing prices of oil and petrol which surged by 9.02% over the previous month.

In addition, the prolonged hot weather has resulted in a high demand for electricity and water, pushing prices of electricity up by 2% and prices of water up by 0.25% over the previous month, Nhan Dan reported.

In July, several commodities suffered price decreases including rice (down 0.33% over the previous month) due to its abundant supply, pork due to the increasing imports of live pigs from Thailand and fresh seafood products (down 0.45%) due to import reductions caused by the Covid-19 pandemic.

vietnams cpi up 04 in july
The CPI rise can be attributed to the increasing prices of oil and petrol (Photo: VGP)

The petrol price increased 9.02% during the month, resulting in a 0.37% rise in the CPI in July.

Meanwhile, the prices of electricity and water increased 2% and 0.25% month-on-month, respectively.

The VND/USD exchange rate lost 0.23% during the month. The domestic gold price was around VND50 million per tael (US$2,160), or 3.49% higher than in June.

The average CPI rose 4.07% year-on-year between January and July. The seven-month CPI was up 3.63% in urban areas and 4.51% in rural areas.

Also according to the GSO, the core inflation (the CPI excluding foodstuffs, fresh food, energy, healthcare, and education) in July and the first seven months of 2020 increased 2.31% and 2.74%, respectively, against the same period last year.

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Tags: CPI Vietnam