Consumer price increase drops to record low since 2016

August 30, 2021 | 10:31

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Vietnam’s consumer price index (CPI) for the first eight months of 2021 dropped to a record low since 2016.

Consumer prices drop to a record low since 2016

Consumer prices experienced the lowest 8-month growth since 2016

According to the General Statistics Office (GSO), the CPI climbed 0.25 per cent in August, up 2.51 per cent against December 2020 and 2.82 per cent against August 2020. However, the overall eight-month figure increased 1.79 per cent from a year earlier, the lowest jump since 2016.

The rising price of food and food services at localities under in social distancing under Directive No.16/CT-TTg has increased consumer prices in August. The group of food commodities and services obtained the highest price rise of 0.74 per cent due to disruptions to transportation and distribution of goods and panic buying.

Meanwhile, the beverage-tobacco group climbed 0.22 per cent on the back of a seasonal growth in demand for beverages. Meanwhile, tobacco prices grew due to high transportation costs and reduced supply. Likewise, the prce education services and goods increased by 0.04 per cent while drugs and medical services increased by 0.02 per cent.

Three groups of goods and services maintained stable prices, including housing and construction materials, equipment and household appliances, and other goods and services.

The GSO also said that core inflation for August increased by 0.02 per cent on-month but was up 0.98 per cent on-year. The eight-month core inflation this year rose 0.9 per cent over the same period in 2020.

By Ngoc Khue

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