Vietnam’s CPI up more than 3% in Q3

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The GSO attributed the rise in the CPI to price increases in certain product groups during this quarter.

Among them, domestic fuel prices in the third quarter rose an average of 21.77 percent year on year, pushing up the overall index by 0.78 percentage points. The price of kerosene also climbed more than 63% compared to the previous year’s figure.

July-September food prices edged up 2.33% from the year-ago period, contributing to a 0.5 percentage point increase in the CPI.

Prices for home maintenance materials rose 7.75% year-on-year, pushing the CPI up slightly by 0.16 percentage points.

In the third quarter, the country saw prices for education services jump 1.57% year-on-year as some provinces and cities across the country raised tuition fees for the new academic year 2022-2023 . Consequently, this represented a 0.09 percentage point increase in the overall CPI.

Higher prices for cooking gas, food and airline tickets contributed to the CPI growth.

Considering the global upward trend in cooking gas prices, the domestic prices of the product during this quarter climbed 5.6% year-on-year.

Foodstuffs recorded a price increase of 2.41% year-on-year.

As for airfares, they jumped 68.02% as travel demand soared after the country brought the Covid pandemic under control.

The September CPI gained a slight 0.4% from the previous month.

Among the 11 groups of consumer goods and services in the basket of items used to calculate the CPI, two recorded a drop in price. Transportation services fell 2.23% due to lower fuel prices this month. Post and telecommunications services fell a fraction of 0.04%.

The CPI in September increased by 3.94% compared to the same period last year and increased by 4.01% compared to December last year.

During the first nine months of the year, the CPI recorded an annual increase of 2.73%.

In addition, core inflation in September increased by 0.47% m/m and 3.82% y/y. The figure in the year to September was up 1.88% year-on-year.

Source: Saigon Times

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