Consumer price index in February inches up 3.98 percent

The consumer price index (CPI) in February rose 1.04 percent against January and 3.98 percent year-on-year, fueled by high consumer demand for Tet (Lunar New Year) holiday and a surge in rice prices, the General Statistics Office said on February 29.

The CPI in February increases due to high consumer demand for Tet holiday. (Photo: VNA)

In the first two months, the CPI rose 3.67 percent from the same time last year, while core inflation edged up 2.84 percent.

The statistics office said that greater domestic demand for rice on the occasion of the Land Genie and Kitchen Gods worshipping day and Tet holiday resulted in an increase of 21.6 percent in rice prices, contributing 0.55 percentage points to the overall CPI.

In the basket of goods and services that make up the CPI, prices rose in electricity (9.44 percent), education (8.47 percent), medicine and medical services (6.52 percent), housing and building materials (5.66 percent), food (0.89 percent) and culture, entertainment and tourism (1.3 percent).

Meanwhile, the post and telecommunications saw its prices dropping 1.45 percent year-on-year as enterprises ran promotional programs for old-generation phones.

In February, gold prices expanded 2.01 percent from the previous month and 16.67 percent year-on-year as demand for the metal shot up on the God of Wealth Day on February 19 (10th day of the first lunar month). During January – February, the prices went up 16.05 percent.

The USD rose against the VND by 0.4 percent month-on-month to hover around VND25,115.

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