Medicine and petrol price hikes push up August CPI

08:34 | 30/08/2017 Society

The Consumer Price Index (CPI) in August increased by 0.92% compared to the previous month, mostly due to a rise in medicine and petrol prices, according to the General Statistics Office (GSO).

Ten out of 11 groups of goods and services saw price increases in August, with the highest rise reported in the medicine and health service group at 2.86%, as 17 provinces and cities nationwide raised health service fees for patients without health insurance in accordance with the a circular issued by the Health Ministry.

Prices of the transport group also went up by 2.13%, which was mainly driven by the price increases of petrol and oil on August 4 and August 19.

The CPI increase was also attributed to the upturn in prices of restaurant and catering services (up 1.06%), mostly due to the sharp increases of pork prices and vegetables.

In addition, the price of housing and construction materials went up 0.93%, while the price of education surged 0.57% due to the rise in school fees in five provinces and cities.

Five groups of goods and services witnessed small price increases, between 0.01% - 0.10%, including apparel, hats and footwear; beverages and cigarettes; household equipment and appliances; culture, entertainment and tourism; and goods and other services.

Only the post and telecommunications group suffered a price decrease, at 0.04%.

The GSO stated that the CPI in August surged by 1.23% compared to December 2016 and by 3.35% compared to the same period in 2016.

Not included in the CPI components, the price of gold in August rose 1.11% compared to the previous month but fell 2.35% compared to the same period last year. Meanwhile, the price of the US dollar in August decreased 0.03% over the previous month and rose 1.83% over the same period in 2016.

Theo NDO