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CPI in March fell by 0.17 percent against February, but increased by 11.25 percent compared to the same period last year, the General Statistics Office (GSO) has reported.
Three out of ten groups of commodities saw CPI decreases, with a 0.55 percent fall in transport, post and communication services, a 0.46 decline in food and restaurant services, and 0.12 percent decrease in sports, culture and entertainment services.
Other commodities groups saw slight increases, with beverages and cigarettes seeing the highest CPI rise of 0.35 percent.
The first quarter saw a 14.47 percent CPI rise compared to the same period last year.
However, CPI changes in the first three months of this year showed ominous signs of the fall in domestic demand for commodities.
In January, as preparations for the celebration of the Lunar New Year Festival (Tet) began, there was a minimal 0.3 percent CPI rise. February saw a CPI increase of 1.31 percent, the lowest in the past eight years.
The CPI decline in March is normal, but is contrary to managers’ forecasts after the government increased the electricity price on March 1.
They forecast that the increase of electricity prices would result in a 0.25-0.3 percent increase of general consumer prices.
Economic experts said that CPI has gone down because of a sharp decline in society’s demand for various commodities. Even though producers have suffered high production costs, they cannot increase the prices of their products.
Low purchasing power has indicated signs of a slowdown in economic growth, and people continue to cut back on their spending.
Experts have also warned that reducing domestic purchasing power threatens to adversely impact the recovery of Vietnam ’s economic development this year.
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