Commodity prices set to rise in November

Consumer Price Index is set to rise by 0.2-0.3 per cent over last month because of abundant stocks for the coming Tet holiday season, according to Domestic Market Management Board on Oct 31.


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


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


Commodity prices set to rise in November ảnh 1
Farmers stockpile bags of rice in the Mekong Delta province of Soc Trang to meet the demand of HCMcity market

The price of certain goods could increase next month in the wake of rising demand and a likely resurgence of a livestock epidemic. However, the board noted that prices would not significantly fluctuate since, alongside Government measures to fight inflation, cities and provinces nationwide were well stocked.


Depending on imports, the prices of essential commodities such as medicines, gas, milk powder and fertilizer are forecast to increase in November due to devaluation of the Vietnamese dong against the US dollar.


Compared with previous years, when construction material prices had risen sharply in the wake of rising demand, prices are expected to remain unchanged this month due to freeze in the real estate market resulting in spending cuts, monetary tightening and higher lending interest rates.


The Animal Feed Association said that producers would keep product prices stable this month against the decline of pork and chicken prices.


With 30 sugar plants producing around 120,000 tones, sugar production is expected to meet the domestic demand, helping in stabilizing product prices this month, the board said.