Cpi

Average CPI in Q1 at 20-year low

March 29, 2021 by sggpnews.org.vn

Thus, compared to the same period last year, CPI in March increased by 1.16 percent, the lowest since 2016. The average CPI in the first quarter of this year surged by 0.29 percent, the lowest level in the past 20 years.

According to the GSO, the CPI in March dropped because the shopping demand of consumers always weakens after the Lunar New Year, and the prices of food products have decreased because of abundant supplies.

Core inflation in March slid by 0.12 percent from the previous month and rose by 0.73 percent year-on-year. The average core inflation in the first quarter of this year climbed by 0.67 percent compared to the same period last year.

In specific fields, the producer price index (PPI) of agricultural, forestry, and aquatic products in the first quarter of this year escalated 1.34 percent compared to the last quarter of last year and 4.54 percent year-on-year. That of industrial products edged up by 1.04 percent compared to the last quarter of last year and 0.27 percent year-on-year. That of services inched up 0.01 percent compared to the last quarter of this year and dipped 0.27 percent year-on-year.

Noticeably, the price index of raw materials, fuels, and materials used for production soared by 2.14 percent compared to Q4 of 2020 and 4.63 percent compared to the same period last year. The merchandise export price index in the first quarter of this year added up by 0.75 percent over the last quarter of last year and reduced by 0.3 percent year-on-year; the merchandise import price index went up by 1.54 percent compared to the last quarter of last year and 1.2 percent year-on-year.

By Anh Phuong – Translated by Gia Bao

March CPI inches up 1.16 percent, lowest yearly rise in 5 years

March 30, 2021 by en.vietnamplus.vn

Compared to the previous month, the March CPI slid 0.27 percent on the back of abundant supply and weaker demand after the Tet (Lunar New Year) holiday ended.

The average CPI of the first quarter rose by 0.29 percent, the lowest increase for Q1 recorded in the last 20 years, while Q1’s core inflation picked up 0.67 percent.

The Q1’s CPI increase was attributed to the rice price which surged 8.55 percent year-on-year from January-March as a result of rising global price and high demand for premium rice during the Tet holiday.

The prices of several main groups of goods and services also moved upward, pushing up the costs of catering services by 2.08 percent year-on-year.

Meanwhile, the government’s activation of aid packages for people and businesses affected by COVID-19 was among factors helping ease the pressure on Q1’s CPI./.

VNA

March CPI inches up 1.16%, lowest yearly rise in 5 years

March 29, 2021 by en.nhandan.org.vn

Compared to the previous month, the March CPI slid 0.27% on the back of abundant supply and weaker demand after the Tet (Lunar New Year) holiday ended, said GSO Director General Nguyen Thi Huong on March 29.

The average CPI of the first quarter rose by 0.29%, the lowest increase for Q1 recorded in the last 20 years, while Q1’s core inflation picked up 0.67%.

GSO Director General Huong attributed the Q1’s CPI increase to the rice price which surged 8.55% year-on-year from January-March as a result of rising global price and high demand for premium rice during the Tet holiday.

The prices of several main groups of goods and services also moved upward, pushing up the costs of catering services by 2.08% year-on-year.

The cost of education services rose 4.49% due to the latest raise in school fees under a roadmap set in Decree 86/2015/ND-CP dated October 2, 2015.

Meanwhile, the government’s activation of aid packages for people and businesses affected by COVID-19 was among factors helping ease the pressure on Q1’s CPI, according to the GSO official. The Vietnam Electricity (EVN)’s power bill cut in the second and fourth quarters of last year caused the electricity price to decline 7.18% in January, which contributed to a CPI decrease of 0.24 percentage points during the period.

The average petrol and oil prices in Q1 also fell by 9.54% year-on-year, making the three-month CPI to drop 0.34 percentage points. The resurgence of COVID-19 in early 2021 has weakened travel demand, causing airfares, train fares and holiday packages costs to decrease by 24.28%, 10.03% and 4%, respectively.

Domestic gold price in March was down 2.97% month-on-month but up 16.84% year-on-year, making the average gold price in Q1 increase 23.27%.

HCM City’s CPI down 0.33 percent in March

March 30, 2021 by en.vietnamplus.vn

Consumers select Vietnamese products at a mall in HCM City (Photo: VNA)

HCM City (VNA) – The CPI in the southern economic hub of Ho Chi Minh City inched down 0.33 percent in March against February, according to the city’s Statistics Office.

The first-quarter figure rose 0.84 percent compared to last year’s average.

Among 11 groups of products and services in the CPI basket, increases were seen in transportation fees, of 2.04 percent, education 0.004 percent, and the group of culture, entertainment, and tourism 0.4 percent.

Affected by petrol price adjustments on February 25 and March 12, fuel prices rose 5.76 percent.

Meanwhile, restaurant and catering services saw the strongest decline, of 1.46 percent, while foodstuff was up 0.25 percent against February.

The strongest slumps in this group were seen in vegetables (4.76 percent), beef (3.47 percent), and poultry (2.64 percent), as consumer demand returned to normal after the Lunar New Year (Tet) holiday in February, the largest traditional festival of the Vietnamese people.

Also falling were beverages and tobacco (0.36 percent), and garments, hats, and footwear (0.02 percent).

The group of housing, electricity, water, and construction materials were down 0.09 percent against February. This included falls of 0.56 percent in the power price, 0.1 percent in the water price, and 1.43 percent in gas and fuel prices due to increases in petrol prices.

The price of household devices and appliances fell 0.13 percent against February.

The Statistics Office also reported that the gold price was down 1.79 percent in March but up 25.89 percent year-on-year in the first quarter. The US dollar exchange rate expanded 0.11 percent in March compared to February, but was down 0.91 percent year-on-year in the first quarter./.

VNA

Price management faces new conditions amid pandemic

March 22, 2021 by en.vietnamplus.vn

Customers choose goods at a supermarket in Nha Trang city of Khanh Hoa province (Photo: VNA)

Hanoi (VNS/VNA) – The COVID-19 pandemic has impacted economies and commodity markets globally, including Vietnam, and domestic prices will continue to fluctuate and be more closely linked to the fluctuations of raw material and fuel prices on the world market.

At the 10th session, the 14th National Assembly set a target of an average consumer price index ( CPI ) growth rate of about 4 percent.

Economists forecast that there were many factors to make the consumer price index (CPI) increase this year.

Notably, the prices of many types of raw materials and fuels on the world market are expected to hike again when the COVID-19 pandemic in the world is gradually controlled, COVID-19 vaccines are distributed on a large scale and production, trade and international exchanges recover.

Dr Nguyen Ngoc Tuyen from the Academy of Finance predicted that the price of many essential goods would fluctuate this year, so the CPI would be higher than last year, but the average for the whole year would be below 4 percent, the target set by the National Assembly.

Nguyen Anh Tuan, Director of the Price Management Department under the Ministry of Finance, said there would be some factors that adversely affect the price situation this year such as fuel and petroleum product prices had changed continuously.

Essential goods, including pork, could also be impacted if the disease was not controlled well, he said.

However, in the opposite direction, amid many factors related to the pandemic and the aggregate demand of the economy unlikely to recover to levels seen pre-pandemic, the market prices of essential goods are not expected to have large fluctuations in general.

Therefore, Tuan said it was necessary to forecast both difficulties and advantages to prepare appropriate measures.

Authorities plan to strengthen management and inspection of the observance of the law on prices and of compliance with the laws on taxes and fees and to strictly manage the listing of prices and selling at listed prices of items with high demand during holidays.

In addition, authorities will closely monitor developments and implement solutions to balance supply and demand to stabilise the market and prices.

At the same time, there should be specific operation solutions for commodities such as petroleum.

Specifically, the Ministry of Industry and Trade must work with the Ministry of Finance to control the price of petroleum, taking into account market factors and working with the petrol price stabilisation fund, he said.

For electricity products, it would be necessary to carefully evaluate the cost factor affecting the price to consider the impact on electricity prices, Tuan noted./.

VNA

Ho Chi Minh City: CPI down 0.33% in March

March 30, 2021 by en.nhandan.org.vn

Three out of 11 groups of goods and services saw price increases in March including traffic, up 2.04%; education, up 0.004%; and culture, entertainment and tourism services, up 0.4%.

Meanwhile, the remaining groups all decreased compared to the previous month, with the highest drop in restaurants and catering services (down 1.46%).

The food group decreased 2.41% over the previous month; of which, the highest decrease was in fresh, dried and processed vegetables (down 4.76%); cattle meat (down 3.47%); poultry meat (down 2.64%). The main reason for the sharp drop in food groups is that consumption demand of returned to normal levels after the Lunar New Year holiday.

According to the city’s Statistics Office, the 2.04% increase in traffic is mainly attributed to the rise in petrol prices on February 12 and February 25.

The prices of housing, electricity, water, fuel and construction materials fell by 0.09% over the previous month due to new, lower prices for electricity, domestic water and house rental.

In March, the price of gold decreased 1.79% month-on-month in February, while the price of the US dollar picked up by 0.11%.