August CPI growth hits 9-year low

The General Statistics Office (GSO) provided the figures, which are the lowest levels recorded for August in the past nine years, as numerous factors have curbed price increases this month, said Do Thi Ngoc, Director of the GSO's CPI Department. The world prices of numerous essential goods remained stable and declined while domestic petroleum prices decreased thrice in nearly a month since July 18. In August, petroleum prices fell by 0.16 percent month-on-month, public traffic service prices dropped by 0.15 per cent, and housing and building material prices fell by 0.31 percent. Ngoc noted, however, that the average CPI for the first eight months of the year increased by 4.73 percent over that of the same period last year, nearly hitting the 5-percent to 5.5-percent levels that the Government aimed for in 2014. Increasing rice exports to Southeast Asia and China pushed up rice prices, and foodstuff prices grew by 0.45 percent in August as a result. Autumn festivals and rising breeding costs caused food prices to go up by 0.54 percent, and greater demand for clothes, shoes and school materials also pushed up the prices of garment and footwear products by 0.32 percent beyond the new school year. In August, gold prices declined by 0.34 percent month-on-month and by 0.06 percent year-on-year. The price of the US dollar likewise fell by 0.26 percent month-on-month and 0.07 percent year-on-year. The Hanoi and Ho Chi Minh City departments of statistics reported earlier that the CPI continued to rise in the country's two largest cities. The CPI rose by 0.19 percent in the capital and 0.05 percent in the southern city, in August.

(Source: VNA)