CPI increases about 4.2 percent in first quarter

The consumer price index (CPI) in the first quarter of 2023 is estimated to rise 4.2-2.3 percent year on year, according to the Price Management Department under the Ministry of Finance.

The department clarified a number of major reasons behind the increase, including the rising price of housing and construction materials (7.2 percent), which pushed the CPI in the period up by 1.4 percent.

Meanwhile, a 4.5 percent increase in the price of food and foodstuff due to high demand during the Lunar New Year festival in early February also contributed 1 percent to the CPI increase.

At the same time, education service prices rose 11 percent as some localities ended the tuition fee exemption and reduction scheme that aimed to ease people’s difficulties during the Covid-19 pandemic. This also led to a 0.6 percent rise in CPI in the period.

A 3.3 percent rise in the price of electricity also pushed the CPI up by about 0.1 percent, the department added.