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Jan-May CPI lowest in 14 years

Released at: 10:30, 25/05/2015

Jan-May CPI lowest in 14 years

GSO releases CPI figures for May and first five months.

by Minh Tuyet

The consumer price index (CPI) in May increased 0.16 per cent against April and 0.95 per cent year-on-year, according to the General Statistic Office (GSO). The figure for the first five months of the year was 0.2 per cent; its lowest in 14 years. As with the April CPI, the May result was largely affected by rising petrol prices and increases to the electricity price introduced in March.

Of the goods in the CPI basket, housing and building materials saw the highest growth, of 1.27 per cent month-on-month. Transport followed, rising by 1.02 per cent primarily due to higher petrol prices from May 5, while the surge in public transport use during the extended public holiday in celebration of the 40th anniversary of Vietnam’s liberation on April 30 also pushed up travel costs. Demand for entertainment over the holiday also resulted in culture, entertainment and tourism services increasing 0.39 per cent against April; the highest rise seen in 15 months.

Other goods saw minor changes while education was steady. Restaurants and catering fell 0.22 per cent, while vegetables and meat fell 0.46 per cent and 0.29 per cent, respectively. Despite this, outdoor dining rose 0.23 per cent.

The gold price fell 0.13 per cent while the VND depreciated 0.44 per cent.

Hanoi CPI

The CPI in Hanoi for May rose 0.12 per cent compared to April and 0.93 per cent year-on-year, according to the Hanoi GSO. Rising petrol prices were again said to be main cause.

The price of nine of the eleven goods in the CPI basket increased against the previous month. Housing, electricity, water, fuel and building materials rose 1.44 per cent as summer arrived. Transport jumped 1.06 per cent, because of higher petrol prices.

Beverage and tobacco saw a rise of 0.47 per cent, whereas garments, hats and footwear increased 0.3 per cent. Culture, entertainment and tourism services were up 0.28 per cent.

Conversely, restaurant and catering services fell 0.43 per cent against April. Rice also fell due to abundant supplies and declining exports. The rice stockpile is huge but prices are predicted to remain stable over the next few months.

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