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Prices forecast to inch up in Nov
The Consumer Price Index (CPI) is set to inch up 0.2-0.3 per cent over last month thanks to an abundance of stock for the upcoming holiday season, according to the Domestic Market Management Board.
The price of certain goods could increase next month in the wake of rising demand and a likely resumption of a livestock epidemic. However, the board noted that prices would not significantly fluctuate since, alongside Government measures to fight inflation, cities and provinces nationwide were well stocked.
The board said that rice prices were also anticipated to surge slightly this month due to increasing export demand and the approaching Tet (Lunar New Year) holiday.
The prices of vegetables and salt could also inch up because supply was forecast to contract due to unfavourable weather. However, the prices of all other fresh foods will remain unchanged
Depending on imports, the prices of milk powder, medicine, gas and fertiliser were forecast to increase in November due to the devaluation of Vietnamese dong against the US dollars.
The Animal Feed Association said that producers would keep product prices stable this month against the decrease of pork of chicken prices.
With the operation of roughly 30 sugar plants totalling an output of around 120,000 tonnes, domestic sugar production is expected to meet demand, helping to stabilise product prices this month, the board said.
In contrast with previous years, when construction material prices had risen sharply in the wake of rising demand, prices were expected to remain unchanged this month due to a freeze on the real estate market resulting from spending cuts, monetary tightening and high lending interest rates.
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