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Official Gazette

Sunday, June 11, 2023

Ten-month CPI increases 2.89 percent year on year

Updated: 09:10’ - 30/10/2022
The consumer price index (CPI) posted year-on-year growth of 2.89 percent in the first 10 months of 2022 while core inflation rose 2.14 percent, the General Statistics Office (GSO) revealed on October 29.

A consumer shops at the Aeon Long Bien supermarket in Hanoi__Photo: VNA

A contributor to the CPI hike was higher petrol prices, which went up 36.01 percent during the period, while gas prices fluctuated in line with changes in the global markets, up 15.35 percent from a year earlier.

As the COVID-19 pandemic was brought under control, demand for restaurant services has bounced back, leading to a 4.6 percent rise in eating-out prices in the 10 months. Prices of housing and construction materials also became more expensive, up 2.44 percent year on year.

While domestic rice prices increased in line with export prices, up 1.16 percent, foodstuff prices also grew slightly, by 0.95 percent from the same period last year.

In contrast, prices of educational services fell 0.61 percent during the January - October period since some localities reduced or exempted school fees for the 2021 - 2022 academic year in response to the COVID-19 pandemic’s impacts. Postal and telecommunications services witnessed a year-on-year decline of 0.4 percent in prices.

The 10-month core inflation went up 2.14 percent from a year earlier, lower than the CPI growth (2.89 percent), showing that changes in consumer prices were mainly driven by fluctuations in food, foodstuff, and petrol prices, the GSO noted.

In October alone, the CPI inched up 0.15 percent from the previous month partly due to rebounding house rental and school fee hikes in some localities. It rose 4.16 percent from December 2021 and 4.3 percent from the same period last year.

The October core inflation increased 0.45 percent from last month and 4.47 percent from the same period last year, statistics showed.- (VNA/VLLF)

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