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CPI projected below 1% in December
Breaking the traditional pattern of strong consumer price index (CPI) growth at year-end, the December CPI in Hanoi and HCMC, the country’s two biggest cities, is forecast to inch up less than 1%.
The HCMC Statistics Office put CPI this month at 0.73% against November with volatile prices in 10 out of the 11 groups of items. Food and catering services have still seen the highest price rise of 1.29%, with food products picking up 1.54%, catering services up 0.61% and foodstuffs increasing a strong 1.65% after dropping for two consecutive months.
Other groups including beverage and tobacco; textile, garment, and footwear; household utensils and appliances have undergone slight respective increases of 0.8%, 0.2% and 0.88% despite the coming Lunar New Year (Tet) shopping spree. Likewise, medicine and healthcare, transport, water, power, and building materials have all edged up slightly.
In the year to date CPI in HCMC has surged by 15.86% against December last year, with food and foodstuff products surging over 20%.
Meanwhile, in Hanoi, the statistics office of the capital city announced the December CPI had risen by 0.61% over last month, with all groups of goods and services marking up. Two of the 11 groups namely textile, garment, and footwear along with culture, entertainment and tourism have recorded a surge of above 1%.
The authorities have ascribed such growth to the rising consumer demand in the year’s end in the lead up to Christmas, New Year and Tet holidays.
Overall, CPI this year has increased 17.07% against December last year. In the past, CPI often rose strongly in the final months of year. However, the declining consumption this year may be due to the fact that prices have become more volatile, thus preventing consumers from spending.
vietnamnet
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