Vietnam’s consumer price index in August is estimated to have risen 0.23% from July, driven by higher prices of foods and education services, the government’s General Statistics Office (GSO) said on August 23.
The index was up 8.18% from a year earlier and 5.08% from the beginning of 2010, the GSO noted.
Ten out of 11 groups of goods and services witnessed prices hikes this month, excluding post and telecom services whose costs dropped 4.55% on-month and 5.9% on-year as a result of discount programs.
In August, prices of education products and services recorded the highest on-month rise of 1.29%, supported by strong demand as the 2010-2011 school year has started.
Food prices followed with an on-month increase of 0.67%, pulling prices of foods and restaurant services up 0.27% on-month and 10% on-year.
Housing and building material costs were up 0.07% on-month and 12.57% on-year, while the prices of transport rose 0.37% and 8.65%, respectively.
Vietnam raised the retail prices of gasoline products by 2.5% on Aug. 9, resulting in higher retail prices for many other items in the domestic market.
The statistics office said the dollar has risen 1.27% against the dong since end-2009 and 0.48% from last month. Gold also edged up 32.35% on-year and 1.56% from end-2009 despite a decrease of 0.88% from July.
Prakriti Sofat, a Singapore-based economist at Barclays Capital, wrote in a note that the impact of the devaluation by the State Bank of Vietnam on August 18 will make a significant impact on the CPI in September.
“Inflation is well under control,” Le Xuan Nghia, vice chairman of Vietnam’s National Financial Supervision Committee, said last week at a seminar in Hanoi. “Consumer price index is expected to be less than 8% this year.” (GSO)
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