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Consumer prices to remain stable in August
Consumer prices this month are expected to only inch up despite a global hike in input materials on the global market, according to the Domestic Market Regulator group under the Ministry of Industry and Trade.
At last week's meeting to discuss measures to maintain price stability in the coming period, the group anticipated prices of rice, sugar, cement, steel and fertiliser would increase slightly this month.
The group said the availability of good supply sources and a continuous implementation of the Government's price stability programmes would help local businesses stock up with goods in anticipation of a possible surge in prices in major cities, meaning the consumer price index (CPI) would remain stable in August.
After the successes of the price stability programmes, which left last month's CPI at 0.06 per cent – the lowest level since March 2009 – the Government will continue implementing the programmes in big cities including Ha Noi, HCM City, Phu Yen, Khanh Hoa and Dong Nai.
Truong Quang Hoai Nam, the group's Deputy Head, said the team had so far required market watch forces at cities and provinces nationwide to keep a close watch over price label and registration of several goods including steel, sugar, milk and medicine - whose prices had significantly increased recently.
The closer watch would help minimise speculation and unreasonable price rises, Nam said.
To stabilise the sugar market, which surged sharply last month, the team asked trade departments at cities and localities to closely supervise traders - which take part in the Government's price stability programmes - to have them sell sugar at regulated price levels.
It also recommended the Ministry of Agriculture and Rural Development to check sugar production plants to find out who were responsible for the speculation that had led to such an unreasonable hike in prices.
Attendees also mentioned stricter supervision of imported milk products as the product prices remained high.
The Ministry of Planning and Investment has so far also predicted the CPI in August would continue to increase slightly and inflation for the whole year would be kept below the Government's target of 8 per cent.
The Government's policies to stabilise prices have started to pay off in recent months, driving July's CPI growth to a record low, according to General Statistics Office, citing the gradual decrease in the CPI, from 1.35 per cent in the first quarter to 0.21 per cent in the second quarter and to 0.44 per cent in the third quarter.
However, there was still much to be done to achieve the Government's inflation target, as so far inflation this year has climbed to 4.84 per cent, the GSO said.
Factors emerging from the world's economy recovery may affect input costs as well as natural disasters are likely to result in a restriction of supply, prompting increases in the prices of essential goods, leading to a rise in inflation, it said.
Therefore, according to the GSO, the Government and relevant bodies should be well-prepared to take flexible measures to deal with the worst case scenarios.
vietnamnews
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