November sees 10-year low CPI rise

16:42 | 26/11/2015 Society

November’s Consumer Price Index (CPI) picked up 0.07 percent from previous month and 0.34 percent from the same period last year, the lowest level of rise recorded in the past decade, according to statistic from the General Statistics Office (GSO).

November sees 10-year low CPI rise

Food prices rose by 0.31 percent as traders rushed to buy rice for export (Source: VNA)

Slight rises were seen in nine out of 11 groups of goods and services, used to calculate monthly CPI, in November. The housing and building materials group posted a 0.32 percent price increase, while beverage and tobacco prices went up 0.16 percent.

Deputy Director of the GSO’s Price Statistics Department Do Bich Ngoc said that food prices rose by 0.31 percent as traders rushed to buy rice for export to Indonesia and the Philippines. High demands for beef and seafood during wedding season also resulted in the surge in fresh food prices, Ngoc stated.

A 0.14 percent increase in the prices of clothing and footwear due to the approach of winter also contributed to the CPI rise. Growing demands for antibiotic and vitamin in the month due to seasonal weather change also pushed the medicine prices up by 0.16 percent while medical service cost remains stable.

The GSO’s figures also pointed out some factors helping to curb the rise of November’s CPI, including the reduction of petrol and diesel prices on October 19 and November 3, and dropping steel price and public transport cost.

According to the GSO, November’s core inflation rate, the CPI excluding fresh food, energy and State-controlled commodities like medical and educational services, expanded 0.05 percent from last month and 2.08 percent against the same month last year.

Next month’s CPI is expected to rise from 0.8 to 0.9 percent from last December. However, if adjustments are made to medical service cost, the rise can be higher, at 2.1-2.3 percent./.

Source: VNA