Thus, compared to the same period last year, CPI in March increased by 1.16 percent, the lowest since 2016. The average CPI in the first quarter of this year surged by 0.29 percent, the lowest level in the past 20 years.
According to the GSO, the CPI in March dropped because the shopping demand of consumers always weakens after the Lunar New Year, and the prices of food products have decreased because of abundant supplies.
Core inflation in March slid by 0.12 percent from the previous month and rose by 0.73 percent year-on-year. The average core inflation in the first quarter of this year climbed by 0.67 percent compared to the same period last year.
In specific fields, the producer price index (PPI) of agricultural, forestry, and aquatic products in the first quarter of this year escalated 1.34 percent compared to the last quarter of last year and 4.54 percent year-on-year. That of industrial products edged up by 1.04 percent compared to the last quarter of last year and 0.27 percent year-on-year. That of services inched up 0.01 percent compared to the last quarter of this year and dipped 0.27 percent year-on-year.
Noticeably, the price index of raw materials, fuels, and materials used for production soared by 2.14 percent compared to Q4 of 2020 and 4.63 percent compared to the same period last year. The merchandise export price index in the first quarter of this year added up by 0.75 percent over the last quarter of last year and reduced by 0.3 percent year-on-year; the merchandise import price index went up by 1.54 percent compared to the last quarter of last year and 1.2 percent year-on-year.
