October CPI in biggest cities

October 23, 2014 | 14:28

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In October, the consumer price index (CPI) went up 0.04% in Ha Noi and declined 0.03% in Ho Chi Minh City against last month.

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The Ha Noi Statistics Office reported that in October, CPI saw a year-on-year growth of 2.72%. Since the beginning of the year, it surged 2.09%, posting a record low within 11 years.

Experts attributed the rate to low-purchasing power in the domestic market to abundant goods supply. Transport prices only fell by 1.07% against the previous month in spite of petrol price cut as costs of passenger transport and taxi are yet to be adjusted.

Meanwhile, costs of ten other commodities picked up slightly. Prices of restaurants and food increased only by 0.13%; housing, building materials, electricity, water and fuel up 0.04%.

In Ha Noi, gold price decreased by 3.98% and USD price surged by 0.13% against the previous month. Meanwhile, in HCM City, CPI reduced by 0.03% in October after surging sharply in September due to rising tuition fee. It saw a year-on-year increase of 2.38%.

The declining CPI is unexpected as the increasing trend in October occurred over the last four years.

Five out of 11 commodities witnessed decreasing prices especially restaurants and food services (down 0.08%); transport services (down 1.11%); housing and building materials (down 0.09%).

However, education costs still increased by 1.28% against the previous month. The other commodities fluctuated slightly under 0.1%. Gold and USD prices evolved differently by falling 1.35% and surging 0.23% against September.

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