May CPI shows slight reduction due to dropping petrol, power, rice prices

May 29, 2020 | 18:00

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The consumer price index (CPI) in May decreased by 0.03 percent against the previous month and 1.24 percent against last December, but increased by 4.39 percent year-on-year, the General Statistics Office (GSO) reported on May 29.

May CPI shows slight reduction due to dropping petrol, power, rice prices - Illustrative image (Source: VNA)

The average index for the first five months was up 4.39 percent from that of the same period last year. In the period, basic inflation rose by 2.88 percent year-on-year.

According to the GSO, in May, four out of the 11 commodity groups experienced price reductions: transport (2.21 percent); culture, entertainment and tourism (0.02 percent); post and telecommunication services (0.02 percent); and garment, headwear and footwear (0.01 percent).

Increases were seen in prices of restaurant and catering service (0.34 percent); beverage and tobacco (0.25 percent); housing and building material (0.25 percent); other commodities and services (0.07 percent); household appliances (0.05 percent); and medicine and medical services (0.04 percent).

Meanwhile, prices in the education group remained unchanged.

In the month, CPI in urban areas was down 0.17 percent, while that in rural areas was up 0.11 percent.

Do Thi Ngoc, head of the GSO’s Price Statistics Department, attributed the falling CPI to decreases in prices of petrol, electricity, rice, and housing rent.

In May, gold prices moved up in tandem with global gold prices, surging 2.41 percent from April to hover around 4.71 million VND (203.7 USD) per tael.

The VND/USD exchange rate reduced 0.41 percent, with one USD exchanged for 23,219 VND.

VNA

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