Actively respond to rising inflationary pressures

DNHN - According to experts, in the final months of the year, ministries, branches, and localities must continue to implement drastic solutions, with a concentration on implementing proactive and flexible monetary policy in close coordination with the Government's policy. Fiscal and other macroeconomic policies are used to keep inflation within the target range.

Many countries are experiencing high and rapid inflation, whereas, in our country, the consumer price index (CPI) increased by 2.44 per cent in the first six months of the year. This is a significant effort to control inflation. However, experts believe that meeting the National Assembly's target of 4% inflation control this year will be difficult and that policies to control inflation must be closely coordinated. 

The consumer price index (CPI) increased by 2.44 per cent in the first six months of this year compared to the same period last year, while GDP increased by 6.42 per cent, demonstrating the government's success in operating, stabilizing macro, and controlling inflation. However, with core inflation only increasing by 1.25 per cent in the first six months of the year - lower than the average CPI in the first six months of 2.44 per cent - it shows that consumer price fluctuations in the first six months of the year are primarily due to high volatility in gasoline prices. 

The price market in Vietnam has many factors that increase the consumption index (CPI) in the last six months of the year, such as the prices of many types of raw materials and fuels, particularly the prices of petrol, gas, and fertilizers in the market. The global market is still at a high level and is expected to rise further. This will raise the cost of manufacturing goods and put upward pressure on the prices of most commodities on the market. 

Furthermore, natural disasters and epidemics have unpredictable outcomes, affecting agricultural production activities, commodity supply and demand, and people's daily lives. 

According to experts, in the final months of the year, ministries, branches, and localities must continue to implement drastic solutions, with a focus on implementing proactive and flexible monetary policy in close coordination with the Government's policy. Fiscal and other macroeconomic policies are used to keep inflation within the target range. 

This year, the authorities will continue to control core inflation to lay the groundwork for overall inflation control. According to trade expert Vu Vinh Phu, to keep inflation under control from now until the end of the year, it is necessary to ensure the supply and demand for goods, as well as reorganize the distribution system and reduce the number of intermediaries. Furthermore, production must be re-planned in conjunction with the distribution system, as well as well-organized commodity trading floors and wholesale markets. 

PV