National November CPI drops by 0.27% as fuel prices decline

The national Consumer Price Index (CPI) in November decreased by 0.27% compared to October which was mainly driven by the reduction in oil and petrol prices, the General Statistics Office (GSO) reported on November 24.

The CPI in November decreases by 0.27% compared to October. Photo: Huu Chi

This is the second time the CPI has seen a reduction in 2014, following the previous drop of 0.44% in March.

Head of the Price Statistics Department under the Ministry of Planning and Investment, Nguyen Duc Thang said that the drop in the CPI in November was mainly due to the consecutive fuel price declines on October 23 and November 7. Lowered fuel prices also pulled down costs of transportation, marking a decrease of 2.75% over the previous month.

The GSO also announced three other categories of goods and services seeing price decreases: restaurants and catering services (down 0.03%); housing and construction materials (down 0.74%), and telecommunications (down 0.02%).

Several categories posted slight price increases including beverages and cigarettes (up 0.12%), apparels and footwear (up 0.34%), and household equipment and appliances (up 0.16%).

Despite the decrease, in November the CPI rose 2.6% against the same period last year and the CPI in the January-November period rose 2.08% against December 2013.

Earlier on November 22, the Hanoi Statistics Office and the Ho Chi Minh City Statistics Office announced the CPI of Hanoi and Ho Chi Minh in November, which declined by 0.3% and 0.36% against October respectively.

(Source: nhandan.org.vn)