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November CPI up 0.48%

Released at: 22:00, 28/11/2016

November CPI up 0.48%

Photo: Duc Anh

Eleven-month figure at 2.47%, according to GSO.

by Minh Tuyet

The consumer price index (CPI) increased 0.48 per cent in November compared to October and 4.52 per cent compared to last year, according to the General Statistics Office (GSO). The CPI in the first eleven months has increased 2.47 per cent year-on-year.

Nine of the eleven goods in the CPI basket increased. Transportation saw the highest increase, of 1.63 per cent, due to petrol prices being adjusted and contributing about 0.15 percentage points to the CPI and 0.02 percentage points to taxi prices.

Medicine and healthcare services rose 0.9 per cent, of which healthcare services increased 1.15 per cent because, in November, northern Hai Duong province raised its prices under joint Circular No.37 from the Ministry of Health and the Ministry of Finance.

Restaurant and catering services rose 0.49 per cent, of which cereals and meat increased 0.22 per cent and 0.71 per cent, respectively.

Housing and building materials rose 0.49 per cent due to gas and kerosene prices being adjusted at the beginning of November, with the former increasing 6.07 per cent compared to October.

Most remaining goods in the basket saw slender growth, such as garment, hats and footwear, by 0.24 per cent, household appliances and equipment 0.1 per cent, tobacco and beverages 0.05 per cent, and culture, entertainment, and tourism 0.03 per cent.

Education did not change compared to the previous month while posts and telecommunications fell 0.02 per cent.

The major factor in the CPI rising in November was the high price of meat, which rose 0.71 per cent compared to October, according to GSO, as this month marks the beginning of the wedding season in Vietnam. The vegetable price was also high due to floods in central and southern Vietnam.

Other factors kept the CPI check. For example, the electricity price in November fell 0.51 per cent because the cooler weather cut demand for electricity. The peak tourism season also ended in November, with tour prices falling 0.13 per cent.

The GSO said that core inflation (CPI excluding cereals, meat, energy and State-managed goods such as education and healthcare services) in November increased 0.1 per cent compared to the previous month and 1.87 per cent year-on-year. Core inflation in the first eleven months of the year increased 1.82 per cent compared to the same period last year.

The CPI in December is predicted to be higher than in November due to high consumption demand as the Tet (lunar new year) holiday approaches. Some goods will see increases in price, such as food, beverages, tobacco, textiles, footwear, and personal items.

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