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Vietnam Economic News

Vietnam Business » Vietnam Economic News » Inflation inches up in May

Inflation inches up in May

The consumer price index (CPI) in May increased by 0.27 per cent over the last month and has increased by 4.55 per cent since the beginning of the year, the General Statistics Office (GSO) reported yesterday.

The office also reported that the index had increased by 9.05 per cent in the last year.

Do Thi Ngoc from the office said that although the countrys CPI had doubled since April, the index had still not achieved the goals forecast by the Ministry of Industry and Trades Market Watch Division. The index in April was up 0.14 per cent from March.

Despite being higher than Aprils figures, Mays index was lower than the CPI from previous years.

Mays CPI insignificant surge illustrates that the Governments measures to control inflation have been effective. With a significant surge in the CPI in the first quarter, experts were concerned that inflation would surge past the forecast 7 per cent.

The GSO attributed this months CPI rise to the hike of prices in the housing and construction sectors. The cost of commodities in these sectors increased by 1.46 and 1.34 per cent, respectively. The inflation was caused by an increase in the price of steel and power.

Mays costs of beverages-cigarettes, garments-shoes-hats, household appliances, pharmaceutical products, transport, education and culture-entertainment-tourism services also increased by less than 1 per cent in the last month.

There was also a decline in the prices of food-foodstuff services and post-telecom services this month.

The price of gold rose by 1.91 per cent, while the dollar decreased by 0.63 per cent against the dong during the last month.

GSO experts expect the CPI growth rate in second and third quarters to be equal to or lower than those in May.

Vietnam Business And Financial News Network. Source [vietnamnews.vnagency.com.vn]

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