10:55 | 06/10/2016 Society
(VEN) - According to the National Financial Supervisory Commission’s report for August and the first eight months of this year, the consumer price index (CPI) increased by 0.1 percent compared to July and 2.57 percent compared to the same month last year. As a result, inflation continued to increase but the rate saw a fall.
Healthcare services made a large contribution to August CPI increase, accounting for 8.12 percent, followed by education 0.5 percent compared to July. In addition, the price of food and catering services dropped thanks to abundant supplies of food and foodstuff, especially rice. Fuel prices were cut down two times in the month, resulting also a reduction in transport prices.
Core inflation remained at below two percent. Therefore, an increase in this year’s inflation was largely due to the adjustment of prices of medical services and education, according to the National Financial Supervisory Commission.
The national economy in the first eight months of the year saw improvements in the manufacturing sector, despite slower growth compared to the same period last year. The Purchasing Managers’ Index (PMI) reached 51.9 points in July, lower than the previous month, reflecting business conditions of the manufacturing sector to be fairly good.
The business ambience in the manufacturing sector continued to improve in August. Vietnam’s PMI totaled 52.2 points in August, compared with 51.9 points in July. According to the Nikkei, Vietnamese manufacturers accelerated the recruitment of employees in August, recording the fastest increase since December 2013.
According to economists, the fairly positive growth in production and labor force in addition to stable inflation in the first eight months of the year was seen as favorable factors, contributing to reaching the growth targets for the year./.