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Vietnam's inflation rises 0.05%, lowest in 5 years

Publication Date : 24-04-2012

 

Vietnam's consumer price index (CPI) this month showed the lowest April increase in five years, the General Statistics Office said yesterday.

In April, the CPI had a month-on-month increase of 0.05 per cent and a year-on-year increase of 10.54 per cent.

Nguyen Duc Thang, head of the office's CPI department, said the increase was the lowest April increase since 2007 and followed the CPI increase of 3.32 per cent in April 2011.

The increase of under 1 per cent in prices for eight of 11 goods items which were used to calculate the CPI included beverages, tobacco, garments, footwear, home appliances, medicine and health care services, Thang said.

The CPI this year was on a trend up, compounded by a 10 per cent increase in the price of petrol and oil on March 7 and an increase in school fees, Thang said. The price of transport services jumped 2.67 per cent against last month and education services were up by 1.63 per cent.

Meanwhile, the price of rice and food continued to slide, down 1.69 per cent and 0.87 per cent respectively on oversupply, he said.

A fall by 40 per cent in price of gas pulled the price of the housing and building materials down by 0.44 per cent in April.

The gold price dropped 2.62 per cent against the March price but increased 15.89 per cent compared with the same period of last year.

In April, the US dollar price plunged 0.07 per cent against last month and 0.85 per cent in comparison with the same period of last year.

Economic experts said the increase of petrol and oil in April 20 would push the CPI in May up by 0.36 per cent and the increase in the basic salary rate from May 1 would also be reflected.

Since April 20, retail petrol prices increased by VND400-900 (1-4 US cents) per litre to VND23,800 per litre for A82 petrol, VND21,900 for diesel oil, VND21,400 for kerosene and VND19,200 for mazut.

However, the CPI in May was not expected to rise significantly because domestic consumption would continue to decline.

 

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