Consumer prices maintain stability

09:27 | 31/05/2019 Economy- Society

(VEN) - The average consumer price index (CPI) in the first four months of 2019 increased 2.71 percent over the same period in 2018, the lowest first-four-month increase in the last three years.

consumer prices maintain stability
Hot summer weather has increased demand for electric cooling equipment

According to the Ministry of Industry and Trade, no adverse changes were found in the essential goods market in April 2019.

The price of steel and cement products increased on March 20, 2019 due to an 8.36-percent surge in the electricity price, becoming relatively stable in April. Fresh food prices were stable last month. The price of pork rose slightly in early April but fell in the second half of the same month, especially in northern provinces, due to the African swine cholera outbreak and falling pork demand as a consequence of the ongoing hot weather.

Increases in petrol and electricity prices affected the April CPI. However, the State Bank of Vietnam’s (SBV) flexible monetary policy has contributed to maintaining macroeconomic stability and inflation control. The average CPI in the first four months of 2019 increased only 2.71 percent compared to the same period in 2018, which is the lowest growth over the last three years (growth was 4.8, 2.8 and 2.71 percent in the first four months of 2017, 2018 and 2019, respectively).

Summer results in growing demand and prices of electric cooling equipment, electricity, water and tourist services. Prices of fuel and energy are expected to further increase due to tensions between oil and gas trading countries. Meanwhile, prices of sugar, pork and fertilizers are expected to decrease or remain low or unchanged.

The Ministry of Industry and Trade will strengthen domestic trade promotion programs, including assistance for enterprises to increase sales and bring goods to rural, mountainous, border and island areas.

The ministry will also work closely with relevant ministries, sectors and localities to monitor changes in goods prices, supply and demand for better market management; strengthen inspection and supervision of price registration and declaration regulations and observance of the law on price management; and promote the state’s market stabilization and management.

The Ministry of Industry and Trade has recommended that relevant authorities and sectors continue controlling the African swine fever outbreak and told businesses to prepare safe goods in order to help ensure the food market’s stability.

The Ministry of Industry and Trade said that in the first four months of 2019, retail sales of goods and service

revenues totaled an estimated VND1.58 trillion plus, up 11.9 percent from the same period in 2018, the highest first-

four-month growth since 2015.

Lan Ngoc