Vietnam consumer price index in September is estimated to have increased by 1.31% from August driven by a combined force of three factors: demand pull, imported inflation, and policy changes, the local newswire NDHMoney reported Sept 24 citing the General Statistics Office.
September increase led the figure to have risen by 6.46% in the first nine months of the year and 8.92% from the same period last year, the highest September levels since 1995, the NDHMoney noted. The figures are based on data for the first 23 days of the month.
On average, CPI in the first nine months of this year was up 8.64% from that of last year.
As many as 10 out of the 11 baskets of goods contributed to the calculation of the CPI data saw their prices rise in September. Only costs of post and telecom services decreased by 0.07%, the GSO said.
Demand-pull inflation pressure was obvious in September. The highest percentage price increase was seen in education, up 12.02% from August as new school year begins with up-ward adjustments in tuition fees from 30-200% at all levels.
House and construction materials saw the second biggest increase of 1.08% due to higher prices of steel and cement, partly due to higher imported steel ingot.
With the highest weight in the CPI basket. The prices of food and food stuffs rose 2.32% and 0.39% respectively from last month on 20% higher rice prices in the first 15 days of September over the same period in August while food and restaurants service costs rose by 0.49%.
Prices of other CPI components rose from 0.34% upwards.
The policy move of devaluating the Vietnamese dong by 2.09% effective from August 18 also led to higher imported inflation as prices of imported goods rose.
Gold prices in August rose by 3.58% on-month as a result of global price rise while the U.S. dollar exchange rate rose by 1.61% on-month after the SBV move.
CPI in the two biggest cities in Vietnam was also highest in 6 months, Ho Chi Minh City posted 0.97% CPI increase while Hanoi saw it rose by 0.96%.
Analysts earlier forecast Vietnam’s CPI has bottomed in July with 0.06% increase on month and expected September CPI to come out at 0.5%, much lower than the actual rate.
Analysts expect the Southeast Asian country’s CPI to quicken in the last months of the year on the seasonal factors as year-end is peak shopping seasons and on forex concerns.
Vietnam targets to curb inflation at 8% this year and the government of Vietnam has taken a number of measures to tame inflation and hold down prices.
Analysts said curbing inflation at single-digital this year would be a success for Vietnam.
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