CPI increased by 0.8% in August 2023, while core inflation rose by 4.57%.

DNHN - According to the most recent report from the General Statistics Office, Vietnam's socioeconomic situation in August 2023 will be characterised by a variety of price increases in commodity and service groups, increasing the consumer price index (CPI)

The Consumer Price Index (CPI) increased by 0.8% in August 2023 compared to the previous month, due to price increases in a variety of product categories. August CPI increased by 2.02% compared to December 2022 and by 2.96% compared to the same period last year. In the first eight months of 2023, the CPI rose by 3.1% annually. Inflation excluding food and energy increased by 4.57% in August 2023 compared to the same month in 2022, surpassing the increase in the average CPI.

In August 2023, the price index increased for ten distinct categories of goods and services, as indicated by developments. The transportation sector saw the greatest increase, 3.85%, due primarily to the price increases of petrol (9.85%) and diesel (15.9%). The adoption of new textbooks for students in grades 4, 8, and 11 led to an increase in the price of textbooks (up 3.37%) and other learning materials, causing the education sector to grow by 0.96 per cent. In addition, the housing and construction materials group recorded an increase of 0.85% as a result of price increases for rented homes and certain construction materials.

In addition, the group of food and food services grew by 0.78 per cent due to a rise in food prices (3.28 per cent) and food (0.4 per cent). Additionally, the beverages and tobacco group posted an increase of 0.28%, due in part to increased demand during the tourist season. Other goods and services increased by 0.22 per cent, with jewellery and hair-cutting and shampooing services leading the way.

The apparel, headwear, and footwear group increased by 0.19 per cent because of back-to-school shopping. The group of household appliances and equipment increased by 0.10%, as kitchen equipment prices rose. The price of international and domestic tourism services increased by 0.09% within the culture, entertainment, and tourism sectors.

The group of drugs and medical services increased by 0.03% due to the price increases of medical equipment and pharmaceuticals. Due to falling mobile and fixed phone prices, the post and telecommunications industry fell 0.17 per cent on its own.

The increase in core inflation in August 2023 over the same month in 2022 was 4.57 per cent, driven primarily by the decline in petrol and diesel prices, which were excluded from the inflation calculation list. basic gearbox. The price fluctuations of petrol and other essential raw materials continue to hurt Vietnam's socioeconomic situation, requiring the authorities' attention and management.

Although measures to control inflation have been implemented, maintaining a stable consumer price index still requires careful consideration, and economic stabilisation measures are designed in a balanced manner. Future economic and social growth must be sustainable and stable.

Binh Phuong