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September’s CPI jumps, hope remains for one-digit inflation
The consumer price index (CPI) jumped by 0.62 percent against August, a considerably higher increase compared to previous months.
All 10 commodities in the price basket experienced price hikes, ranging from 0.05 percent to 4.33 percent. The highest increase was in education with a record 4.33 percent, followed by post and transport at 2.37 percent--double last month’s figure due to rising oil prices.
Restaurant services registered the lowest gain of 0.05 percent. Food and foodstuff prices continued to go down, this month by 0.85 percent.
GSO’s Director of the Trade, Services and Price Department attributed the sharp rise in September’s CPI to a surge in consumer spending on National Day (September 2), the Buddhist Vu Lan festival which fell on the 15 th day of the 7th lunar month (September 3), and the start of a new school year (September 5) nationwide, especially in Hanoi and Ho Chi Minh city.
Jumps in school fees, credit, real estate and petroleum prices were also behind the CPI’s rise.
The two major cities-Hanoi and Ho Chi Minh City-saw their CPI rise by 0.77 percent and 1.59 percent respectively, in the month, pushing up the national figure.
Domestic economists, however, said even at this rate, the CPI growth for the year is still likely to stay at one-digit, possibly at 7 percent as targeted.
They warned that suitable management methods are needed to avoid price hikes through the end of this year and early next year, especially in the context of the strong growth of credit and the money supply in the first nine months of the year.
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