According to the socio-economic report released by the General Statistics Office on the morning of June 29, the consumer price index (CPI) in June increased by only 0.17 percent compared to the previous month and by 1.4 percent compared to December 2023, but it rose by 4.34 percent compared to the same period last year.
The national statistics agency noted that the 0.17 percent month-over-month increase was significantly impacted by a sharp rise in pork prices due to African swine fever outbreaks in some localities. Additionally, the adjustment of healthcare service prices in some provinces and cities also contributed to the slight increase in the CPI.
Therefore, the average CPI for the second quarter of 2024 increased by 4.39 percent compared to the same period in 2023. Specifically, education rose by 8.15 percent; medicines and healthcare services increased by 7.63 percent; goods and other services by 6.13 percent; housing, electricity, water, fuel, and building materials by 5.62 percent; food and dining services by 4.48 percent; transportation by 4.28 percent; beverages and tobacco by 2.61 percent; culture, entertainment, and tourism by 2.1 percent; clothing, hat, and footwear by 1.66 percent; and household appliances and utensils by 1.31 percent. Postal and telecommunications, however, decreased by 1.36 percent.
The average CPI for the first half of 2024 increased by 4.08 percent compared to the same period in 2023, primarily due to the following reasons: the price index for food and catering services rose by 4 percent over the previous year, contributing 1.34 percentage points to the overall CPI increase. Additionally, the price index for housing, electricity, water, fuel, and building materials increased by 5.51 percent compared to the same period last year. This increase was driven largely by a 4.95 percent rise in rental housing prices and owner-occupied housing and a 9.45 percent increase in electricity prices due to higher demand and EVN's adjustments to average retail electricity prices in 2023.
According to the General Statistics Office, the core CPI (which excludes food, fresh foodstuffs, energy, and state-managed items such as healthcare and education services) increased by 0.18 percent in June 2024 compared to the previous month, and by 2.61 percent compared to the same period last year.
On average for the first six months of 2024, core inflation stood at 2.75 percent compared to the same period in 2023, lower than the overall CPI increase of 4.08 percent, mainly due to the price of food, electricity, education services, and healthcare services, which influence the CPI but are excluded from the core inflation measure.
