Vietnam’s consumer price index is estimated to have risen 1.17 per cent on month in February, higher than 0.32 per cent in January, mainly driven up by rises in prices of food and foodstuff, construction materials and housing, the government-run General Statistic Office said.
However, February’s inflation softened to 14.78 per cent, lower than 17.48 per cent in January, the GSO said.
Food and food services prices are expected to have been up 1.67 per cent, but still up 22.16 per cent on year. Rice prices are expected to have surged 0.82 per cent on month and up 35.29 per cent on year while foodstuff prices up 1.72 per cent on month and up 16 per cent on year.
Vietnamese food companies have signed contracts to ship over 3.1 million tons of rice in the first half this year, accounting for 62 per cent of the country’s export target for this year, and rice export price have rebounded to USUS$350/ton of 25 per cent broken rice and USUS$550/ton of 5 per cent broken rice, up 13 per cent on year, Vietnam Food Association said.
Housing and construction materials costs are estimated to have increased 1.59 per cent on year and up 6.45 per cent on month, and average rise 6.34 per cent in the first two months this year.
Transportation costs have been down 0.05 per cent on month thanks to tax cuts on imports of petroleum products, but still up 1.27 per cent on year.
Apparels, footwear and hat have soared 0.44 per cent on month and risen 11.94 per cent on year. Drinks and tobacco have increased 0.80 per cent on month and 12.02 per cent on year. Medicines have been up 0.36 per cent on month and 9.11 per cent on year.
Cultural, sports and recreation services are estimated to have been down 0.07 per cent on month but up 9.45 per cent on year. Domestic appliances prices have been up 0.7 per cent on month and 12.37 per cent on year.
The government usually issues CPI figures based on estimates before the end of the reporting period.
In Vietnam, gold prices are estimated to have risen 5.74 per cent on month and 5.21 per cent on year as domestic traders shelter their cash in gold, causing several fevers when economic slowdown shows no sign of bottoming.
The GSO also said that by end-February, the U.S. dollar is estimate to have strengthened against Vietnam dong 0.91 per cent on month and up 9.28 per cent on year.
In urban areas in Vietnam, CPI is estimated to have risen 1.19 per cent on month and 14.77 per cent on year while CPI in rural regions soared 1.15 per cent on month and 14.79 per cent on year. (GSO February 2009)
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