Vietnam’s CPI in first nine months up 3.57%

Friday, 2018-09-28 16:07:01
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The government aims to control inflation for 2018 at 4% or below. (Photo: VNA)
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NDO - The average consumer price index (CPI) in the first nine month of 2018 rose by 3.57% against the same period last year, according to the General Statistics Office (GSO).

The agency attributed the increase to higher healthcare costs and tuition fees in many provinces and cities.

In addition, increases in the minimum wage led to rises in a number of services such as house and appliance repairs, and electrical and plumbing installations, while food prices went up 4.09% against the previous year.

The first three quarters of 2018 also saw a 7.76% increase in building materials as construction demand picked up and Chinese steel prices remained at their highest levels in five years.

Global fuel prices also surged strongly over the past nine months, driving domestic prices up, with a litre of A5 petrol and diesel up VND2,440 and VND2,960, respectively.
GSO Director, Nguyen Bich Lam, stated that the inflation target of 4% or lower could still be met but warned of the external impacts from global risks and uncertainties.

He elaborated that the trade conflict between the US and China, political tensions in the Middle East and the crisis in Turkey could affect the prices of goods in the final months of the year.

Lam suggested that ministries and the local authorities should closely monitor market developments and take prompt actions to contain inflation and maintain macroeconomic stability.