Vietnam posted a 0.55 percent increase in the consumer price index(CPI), an indicator of inflation growth, in the first six months of 2015compared to late 2014, making this year’s CPI increase target between5-7 percent set by the National Assembly achievable, General StatisticsOffice (GSO) General Director Nguyen Bich Lam said on June 24.
The June CPI grew by 0.35 percent from May, 1 percent from the sameperiod last year, and 0.55 percent against last December.
Monthly price increases were seen in eight out of the 11 main goodsand services categories, including transport (up 3.54 percent);pharmaceutical and medical services (0.38 percent); and culture,entertainment and tourism (0.26 percent).
Costs ineducation remained unchanged while those in the two categories of foodand hospitality services, and postal and telecommunications declined by0.03 percent each.
Deputy Director of the GSO’sPrice Statistics Department Do Thi Ngoc said June inflation was fuelledmainly by rises in petrol prices and Ho Chi Minh City’s medicalservices. While strong heat waves fanned daily electricity expenses,tourism demand also began to rise due to student summer holidays.
During the first half of 2015, the average CPI hiked 0.86 percent froma year earlier, relatively low compared to the same period in theprevious years, the GSO said.
The office attributedthe slowe pace to abundant food supplies thanks to bumper winter-springand summer-autumn crops and a five percent reduction in petrol prices insix months. Meanwhile, domestic gas prices fell by 12 percent followingglobal price drops, and prices of staple commodities in the world werekept static, further slowing inflation.
Lam saidthis year’s CPI goal is feasible if there are no sudden changes duringthe second half of 2015, noting that Vietnam has recorded a relativelyslow CPI pace since 2001; 0.1 percent each month on average.
He stressed that when the CPI is kept stable, the central bank willcontinue easing monetary policies, making loans more accessible tobusinesses and helping them expand operations, reduce expenses, andstimulate consumption.
Recent CPI increases were inline with inflation control and macro-economy stabilisation targets anddid not affect other indexes, Lam said, adding that inflation slowdownwill not impact overall GDP growth.
However, risks of petrol price rebounds put pressure on efforts to control inflation, he noted.-VNA
The June CPI grew by 0.35 percent from May, 1 percent from the sameperiod last year, and 0.55 percent against last December.
Monthly price increases were seen in eight out of the 11 main goodsand services categories, including transport (up 3.54 percent);pharmaceutical and medical services (0.38 percent); and culture,entertainment and tourism (0.26 percent).
Costs ineducation remained unchanged while those in the two categories of foodand hospitality services, and postal and telecommunications declined by0.03 percent each.
Deputy Director of the GSO’sPrice Statistics Department Do Thi Ngoc said June inflation was fuelledmainly by rises in petrol prices and Ho Chi Minh City’s medicalservices. While strong heat waves fanned daily electricity expenses,tourism demand also began to rise due to student summer holidays.
During the first half of 2015, the average CPI hiked 0.86 percent froma year earlier, relatively low compared to the same period in theprevious years, the GSO said.
The office attributedthe slowe pace to abundant food supplies thanks to bumper winter-springand summer-autumn crops and a five percent reduction in petrol prices insix months. Meanwhile, domestic gas prices fell by 12 percent followingglobal price drops, and prices of staple commodities in the world werekept static, further slowing inflation.
Lam saidthis year’s CPI goal is feasible if there are no sudden changes duringthe second half of 2015, noting that Vietnam has recorded a relativelyslow CPI pace since 2001; 0.1 percent each month on average.
He stressed that when the CPI is kept stable, the central bank willcontinue easing monetary policies, making loans more accessible tobusinesses and helping them expand operations, reduce expenses, andstimulate consumption.
Recent CPI increases were inline with inflation control and macro-economy stabilisation targets anddid not affect other indexes, Lam said, adding that inflation slowdownwill not impact overall GDP growth.
However, risks of petrol price rebounds put pressure on efforts to control inflation, he noted.-VNA
