CPI March likely rose 0.2 per cent at maximum

March 20, 2014 | 14:13

(0) user say

Speaking at a press conference on March 17, the central bank’s monetary policy head Nguyen Thi Hong said the month’s consumer price index (CPI) would rise a modest 0.2 per cent on-month.

illustration photo

It is likely that CPI for the first quarter will increase 1.5 per cent against late last year. This, however, is little compared to quarter one CPI increases in years past, Hong added.

CPI in the first quarter of 2013 hit 2.39 per cent, was 2.55 per cent in 2012, 6.12 per cent in 2011 and 4.12 per cent in 2010.

The General Statistics Office (GSO) previously forecasted that CPI would rise only 0.55 per cent in February this year against January and 4.65 per cent against a year earlier, marking the lowest price hike in the past 10 years. In January the index rose by only 0.68 per cent on-month.

Hong affirmed it was much more likely that the country would achieve its goal of keeping CPI to below 7 per cent this year.

As of March 13, total money supply increased 2.96 per cent compared to the end of last year. Deposits grew 1.92 per cent, of which dong deposits were up 2.23 per cent though dollar deposits were down 0.09 per cent.

According to the central bank, Vietnam’s credit growth as of March 13 was negative 1.05 per cent against the end of 2013. Even so, it is insisting on a credit growth target of 12-14 per cent for 2014.

By By Nguyen Trang

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional