CPI continues to go up in October
13:39', 25/10/ 2010 (GMT+7)

The consumer price index (CPI) saw a strong rise in October at 1.05 percent from September.

Expert say with the rising trend, the CPI for the entire year cannot be kept at 8 percent as set early this year.

According to the General Statistics Office (GOS), October CPI rose 9.66 percent over October 2009 with rises seen in 10 out of 11 groups of commodities.

Educational products and services posted the strongest rise for the second month in a row with 3.9 percent, followed by restaurant and food related services, up 1.32 percent and housing and construction materials, up 1.04 percent.

Goods items posted increased below one percent included drinks and tobacco, household utensils and appliances, textiles, footwear and headwear, medicines and medical services, entertainment and tourism services.

Only prices of post and telecoms declined continuously, down by 0.07 percent.

GSO Pricing Department chief, Nguyen Duc Thang, blamed the October CPI rise on school fee hikes by a number of provinces.

He said the educational product contributed 0.25 percent to the October CPI rise.

Besides, Thang stressed on constant rises in the prices of rice in the world market, and that of essential commodities, such as liquefied gas, constructional materials, medicines, and milk, in the local market.

He pointed out that sharp increase in the prices of food and foodstuff was largely caused by consecutive floods in the central region.

For some economic experts, current policies on the interest rates and VND/USD foreign exchange rate continued to have adverse impacts and drive up prices of input raw materials and imported essential goods.

They also referred to Hanoi ’s CPI rise of 1.22 percent in October, pushed by high demands when the capital city celebrated its 1,000th founding anniversary, as a considerable contribution to the country’s October CPI.

Economic experts forecast that prices of food and foodstuff will continue to go up in November, especially in Hanoi and several northern provinces which rely on the central region for poultry and livestock supply. The central region has been hit hard by floods early this month.

  • Source: Vietnam+
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