National CPI increases 0.88 percent in August

Vietnam's consumer price index (CPI) in August increased 0.88 percent month-on-month, fueled by higher prices of petroleum, rice, and housing, the General Statistics Office (GSO) announced on August 29.
Illustrative Image (Photo: SGGP)

Illustrative Image (Photo: SGGP)

In the first eight months of 2023, the CPI expanded 3.1 percent over the same period last year and the core inflation rose by 4.57 percent.

Among the 11 groups of goods and services used to calculate the CPI, 10 saw higher prices than the previous month while only the postal and telecommunications group experienced a price drop of 0.17 percent.

In the eight-month period, education rose by 7.28 percent year-on-year, contributing 0.45 percentage points to the overall CPI increase.

Housing and construction materials hiked by 6.65 percent over the same period last year, causing the overall CPI to surge by 1.25 percentage points. Meanwhile, the price of culture, entertainment, and tourism services gained 3.18 percent.

Food items saw their prices climb 3.04 percent, mainly due to expansion in consumer demand during holidays and the Lunar New Year (Tet), which caused the overall CPI to increase by 0.65 percentage points.

The price of electricity rose 3.99 percent and prices of other goods and services increased by 3.98 percent compared to the same period last year.

Meanwhile, in the first eight months of 2023, the price of kerosene decreased by 12.19 percent year-on-year; and that of domestic gasoline went down 17.56 percent.

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