April CPI hits record low in three years

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VOV News English - 25 month(s) ago 5 readings

April CPI hits record low in three years

(VOV) - Despite petrol price hike, the consumer price index (CPI) in April just inched up 0.05 percent against March, according to the General Statistics Office (GSO).

Hanoi CPI drops for first time in two years

This has been the lowest monthly CPI figure since April 2009 and a record low compared to Aprils of the past eight years, the GSO said in Hanoi on April 23.

As a result, the CPI for April 2012 rose 2.6 percent against December 2011 and 10.54 percent against April 2011.

Nguyen Duc Thang, a GSO official, attributed the record low index to the declining prices of essential commodities, mostly food and foodstuffs which make up 40 percent of the CPI calculations.

The prices of food and foodstuffs continued to fall on an abundant supply, edging down the April index. The group of restaurants and services fell 0.8 percent, with food down 1.69 percent and foodstuffs down 0.87 percent.

In addition, rice prices in the Mekong Delta were going down due to difficulties in exports. In April, retail prices of rice plummeted VND500-1,000/kg.

The group of housing and building materials decreased 0.44 percent on the falling price of gas.

Meanwhile, the Ministry of Finance’s decision to raise the petrol retail price of VND2,100/litre on March 7 drove transport costs up 2.67 percent in April.

Experts forecast that the second adjustment of the petrol retail price on April 20 would raise the CPI for May up 0.36 percent. A Government decision to increase State workers’ minimum salary level as of May 1 will also drive the May index up.

However, there will not be a sharp CPI rise in May due to business difficulty in accessing bank loans and low consumer purchasing power, said experts.

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