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Home Vietnam economics news

August CPI stays stable compared to previous month

The consumer price index (CPI) in August stayed almost unchanged from the previous month as a result of mixed trends in goods and consumer service prices, the General Statistics Office (GSO) reported on September 6.

Phương Chu by Phương Chu
September 9, 2024
in Vietnam economics news
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August CPI stays stable compared to previous month
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In particular, it rose 0.02 per cnetin urban areas but fell 0.03 per centin rural regions. Among the 11 categories of main consumer goods and services, 10 witnessed slight price increases while transport saw a decrease from July.

However, the August CPI still increased 1.89 per centfrom last December and 3.45 per centyear on year.

The gold price index went up 1.93per centmonth on month, 20.4per centfrom December, and 31.05per centyear on year.

Meanwhile, the US dollar price index dropped by 0.64per centfrom the previous month but grew 3.55per centfrom December and 5.86per centfrom the same period last year.

Last month’s core inflation climbed 0.24per centmonth on month and 2.53per centyear on year, the GSO said.

During the first eight months, the CPI expanded 4.04per centfrom the same period last year.

Contributors to this CPI growth included food and catering services, which recorded a year-on-year price hike of 4 per cent, along with housing, electricity, water, fuel, and construction materials 5.46 per cent.

Meanwhile, factors dragging the CPI down during the period comprised postal and telecommunications services, whose prices declined 1.28 per cent, statistics show.

Between January and August, the gold price index rose 25.54per centwhile the US dollar price index up 5.85per centfrom a year earlier.

The eight-month core inflation went up 2.71per centyear on year, still lower than the CPI growth of 4.04 per cent, due to higher prices of food, electricity, educational and health services, and fuel, which are excluded when core inflation is calculated, the GSO said.

It pointed out that contrary to 2023, the CPI was on an upward trend during the first five months of 2024, from a year-on-year rise of 3.37per centin January to 4.44per centin May. The growth followed a downward trend in the following months, slowing to 4.34per centin June, 4.36per centin July, and 3.45per centin August.

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