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July CPI up 0.13%

Released at: 15:26, 25/07/2016

July CPI up 0.13%

Photo: Duc Anh

Prices up 0.13% in July against June and 2.39% year-on-year.

by Minh Tuyet

The consumer price index (CPI) increased 0.13 per cent in July compared to June and 2.39 per cent year-on-year, according to the General Statistics Office (GSO).

In the first seven months of the year headline inflation increased 1.81 per cent year-on-year and in July increased 0.1 per cent against June and 1.85 per cent year-on-year.

Eight of the eleven categories in the CPI basket of goods rose in price during July. The highest increase was in transport, up 1.19 per cent compared to June, primarily due to higher petrol prices. While petrol prices were cut on June 20 and July 5 they did not offset the increase on April 6.

The higher petrol price also impacted on housing, electricity, water, fuel and construction materials, which increased 0.14 per cent compared to June.

Prices of beverages and tobacco, textiles such as hats and footwear, and household appliances all increased by less than 0.1 per cent compared to June. Beverages and tobacco increased 0.09 per cent while household appliances rose 0.06 per cent.

Other categories such as restaurants and posts and telecommunications fell, curbing the monthly CPI increase.

Restaurants fell 0.05 per cent compared to June, cereals 0.64 per cent, and meat 0.01 per cent.

Posts and telecommunications were down 0.1 per cent, the second month of decline in a row.

The price of cereals was down because the winter-spring rice harvest in the Red River delta and the summer-autumn harvest in the Mekong Delta have been completed. The export rice price is facing difficulties and forecast to decline in the future.

At the end of June the national food authority in the Philippines said the country has sufficient rice to last from July to September, meaning it is in no hurry to import additional quantities. The largest rice importer of Vietnamese rice, China, which accounted for about 35 per cent of Vietnam’s total in the first half, is now buying less.

By region, the CPI in the Red River Delta increased the lowest, by 0.03 per cent, while the CPI in the north-central region and central coastal region increase the highest, by 0.19 per cent.

Among cities and provinces, northern Thai Nguyen province saw the lowest CPI increase against June, of 0.01 per cent. Vinh Long province, in the Mekong Delta, saw the highest increase, of 0.34 per cent.

Gold and US dollars, which are excluded from the CPI basket, increased 5.35 per cent and decreased 0.21 per cent, respectively, compared to June.

According to the GSO the domestic gold price rose dramatically when the Brexit vote came in but has been falling since.

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