Vietnam Reports Aug CPI Up 1.56 per cent On Month

9:48:43 PM | 8/27/2008

Vietnam’s consumer price index (CPI) in August is estimated to rise by 1.56 per cent from July and by 21.65 per cent from December 2007, the government’s General Statistics Office reported on August 25.

The month-on-month increase of 1.56 per cent is a slower pace than the forecast by several institutions, at 1.7 per cent-2 per cent, after the government raised gasoline prices by 31 per cent from July 21.

The consumer prices, however, rocketed 28.32 per cent from one year ago, the fastest pace since at least 1992.

The slight CPI rise in August is attributed to the decrease in the prices of food, which fell 1.1 per cent from July.

Food, foodstuff and other related services, which account for 42.85 per cent of the commodities basket to calculate CPI, sees a gain of only 0.5 per cent in August.

Costs of transport and communication services recorded the highest hike in August, which is estimated at 9.07 per cent on month, as a result of the gasoline retail price hike.

Housing and construction materials also see a sharp price rise of 2.18 per cent on month.

Garment, footwear, home appliances, medical products and services, education and entertainment services witness the CPI rise of more than 1 per cent.

Followings are details of each group:

	Index in Aug 2008 compared with ( per cent)				Index in Jan-Aug 08 vs 07
	Base year 05	Aug-07	Dec-07	Jul-08	Index in Jan-Aug 08 vs 07
Consumer price index	148.21	128.32	121.65	101.56	122.14
Food and foodstuff	172.86	144.15	132.68	100.50	135.80
Of which: -Food	209.59	169.36	157.10	98.90	146.51
-Foodstuff	160.72	135.73	124.11	100.53	132.92
Beverage and cigarette	126.78	112.44	110.00	100.67	109.49
Garment, footwear, hat	124.25	111.62	109.24	101.00	109.19
Housing and construction materials	150.97	127.40	118.78	102.18	121.88
Household appliances and goods	123.65	110.47	109.24	101.11	107.54
Medical products and health care	121.31	110.12	107.25	101.23	108.43
Means of transport & communication	140.43	125.60	121.28	109.07	114.56
Of which: Postal services & telecoms	83.62	88.77	90.56	99.90	88.25
Education	112.64	105.12	104.36	101.16	102.94
Culture, sport and entertainment	113.66	105.80	107.33	101.08	104.09
Other consumer goods and services	130.76	114.26	110.35	100.90	112.78

Prices of gold fell 2.96 per cent on month, and the prices of U.S dollar also dropped 2.96 per cent against Vietnam dong.

The CPI increased 1.68 per cent on month in urban areas and 1.46 per cent in rural areas. It registered the highest rise of 2.18 per cent in northwestern region and the slowest rise of 1.08 per cent in the Mekong Delta granary region.

Among localities involving in CPI calculation, the southern Ho Chi Minh City witnesses the highest CPI rise of 2.09 per cent.

Nguyen Bich Lam, deputy head of the GSO, said that after the government raised gasoline prices July 21, the office calculated this year’s CPI rise will be around 28.5 per cent.

However, the figure is adjusted to a lower level, at 27.5 per cent after the gasoline price cut on August 14.

CPI will be even lower because the global crude oil prices continue falling in coming time, Lam said. (GSO August 2008)

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