CPI reaches seven-year high in January

VGP – In January, the consumer price index (CPI) picked up 1.23% against December 2019 and experienced a year-on-year increase of 6.43%, marking a record high over the past seven years, the General Statistics Office (GSO) reported.

January 30, 2020 11:15 AM GMT+7

Ten groups of commodities experienced price hikes, including restaurants and food services (up 2.29%); housing and building materials (up 1.47%); other goods and services (up 0.92%); transport (up 0.69%); beverage and tobacco (up 0.65%); headwear and footwear (up 0.33%); household equipment (up 0.27%); culture, entertainment, and tourism (up 0.25%). However, post and telecom prices saw a year-on-year decline of 0.03%.

The GSO attributed higher costs of food, foodstuff, restaurants, and public transport services to increasing CPI in January especially the group of food with 2.6%.

However, some factors served to rein in CPI increase including cold weather in the North leading to lower power demand (down 0.38%); lower electronic costs on Tet holidays as well as abundant vegetable supplies.

In January, VND/USD exchange rate was stable at VND 23,222 per dollar./.

By Khanh Phuong