Minor price rises forecast this month

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VietNam News English - 39 month(s) ago 4 readings

Minor price rises forecast this month

The Consumer Price Index (CPI) in November is set to inch up 0.2-0.3 per cent over last month thanks to an abundance of stock, according to the Domestic Market Management Board.

Consumers buy cooking oil at the ongoing Ha Noi Promotion Fair. The Consumer Price Index in November is forecast to slightly increase over last month thanks to an abundance of stock. — VNA/VNS Photo Tran Viet

Consumers buy cooking oil at the ongoing Ha Noi Promotion Fair. The Consumer Price Index in November is forecast to slightly increase over last month thanks to an abundance of stock. — VNA/VNS Photo Tran Viet

HA NOI —

The board said that the price of certain goods could increase this month in the wake of rising demand for the upcoming holiday seasons, a devaluation of Vietnamese dong against US dollars and a likely resumption of a livestock epidemic. However, it noted that prices would not significantly fluctuate since, alongside Government measures to fight inflation, cities and provinces nationwide were well stocked.

If the forecast is accurate, this will be the fourth consecutive month that CPI's growth rate went down month-on-month. The General Statistics Office reported that CPI last month surged only 0.36 per cent against September, the lowest level since July 2010.

The board said that rice prices were anticipated to surge slightly this month due to increasing export demand and the approaching Tet (Lunar New Year) holiday.

The prices of vegetables and salt could also inch up because supply was forecast to contract due to unfavourable weather. However, the prices of all other fresh foods will remain unchanged.

Depending on imports, the prices of milk powder, medicine, gas and fertiliser were forecast to increase in November due to the devaluation of dong against the US dollars.

The Animal Feed Association said that producers would keep product prices stable this month against the decrease of pork and chicken prices. With the operation of roughly 30 sugar plants totalling an output of around 120,000 tonnes, domestic sugar production is also expected to meet demand, helping stabilise product prices this month, the board said.

In contrast with previous years, when construction material prices had risen sharply in the wake of rising demand, prices were expected to remain unchanged this month due to a freeze on the real estate market resulting from spending cuts, monetary tightening and high lending interest rates. — VNS

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