Closely monitoring market developments, managing prices flexibly: Deputy PM

Wednesday, 2021-10-27 11:47:34
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Deputy Prime Minister Le Minh Khai speaks at the meeting. (Photo: VGP)
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NDO – Deputy Prime Minister Le Minh Khai asked ministries and sectors to focus on grasping the market situation while closely monitoring prices and operating prices flexibly in accordance with law.

Deputy Prime Minister Le Minh Khai, who is also head of the Steering Committee for Price Management, made the request at a meeting held by the Steering Committee to review the price management in the third quarter of 2021 and outline the price management scenario for the fourth quarter of 2021 and early 2022.

Speaking at the meeting, Deputy PM Le Minh Khai emphasised that the country's economy has been heavily affected by the COVID-19 pandemic, so the Party, State and Government have issued many documents directing the implementation of measures to facilitate the production and circulation of goods, including the management of prices.

In the near future, after countries have taken control the pandemic, they will expand production, loosen fiscal and monetary policies, and have higher demand for strategic commodities while inflation is anticipated to increase. Thus, price management in the fourth quarter of 2021 is very important, the government official said.

He asked representatives of ministries and sectors to carefully study the report of the Steering Committee presented by the Ministry of Finance to give suggestions and orientations for the future, ensuring the completion of the set targets.

According to the Finance Ministry, the market prices in the first ten months of 2021 were basically in accordance with the price management scenario set out in the beginning of the year. The average CPI in the first ten months of this year rose by 1.81-1.83% over the same period last year while inflation in the first nine months of the year was estimated to have increased by 0.88%.

Inflation control in 2021 is expected to be under the control of the Government and the Price Management Steering Committee. However, inflation pressure in 2022 is very great, especially as the energy crisis may become serious and some countries have a tendency towards speculation and hoarding of strategic products.

Therefore, the price management in the remaining months of 2021 and in the beginning of 2022 should continue to be conducted cautiously, flexibly and proactively, focusing on controlling inflation to support the Government's dual goals, thereby both keeping the price level stable and stimulating economic growth.