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Prices up in country’s economic hubs
Consumer prices rose in October in both Hanoi and Ho Chi Minh City, the Statistics Office in the respective cities reported.
In the capital the prices rose by 1.22 percent compared to 0.96 percent in September, with restaurant and food services seeing the highest increase of 2.5 percent.
Housing, public utilities, fuel, and building materials rose by 1.35 percent.
The millennium anniversary was believed to be the main reason for the price increase since it attracted a large number of visitors.
In HCMC, the rate of increase slowed downed to 0.45 percent from 0.97 percent last month, sending year-to-date inflation rising to 6.01 percent.
However, nine out of 11 types of goods in the basket making up the consumer price index were up, led by beverages and cigarettes.
Housing, public utilities, fuel, building materials, and other services were all up by more than 1 percent, followed by restaurant and food services which rose by 0.51 percent.
Vegetable prices were up 0.44 percent due to a scarcity caused by heavy rains.
The prices of some goods and services fell. Transport and postal and telecom services were down 0.05 percent and 0.01 percent respectively.
The dong’s depreciation against the US dollar pushed up import costs following which cosmetics, beverages, and some other consumer products cost 5 percent to 10 percent more.
Prices in the two cities have an important bearing on the overall inflation rate in the country which is not known yet.
The Vietnam Monitor, a report released by HSBC Global Research in September, said: “The government appears on track to meet its inflation target of 8 percent.”
Vietnam marked up its inflation target in April from an earlier 7 percent.
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