August CPI falls for first time in ten years

The consumer price index (CPI) in August decreased by 0.07% compared to the previous month, the first time that the August CPI has fallen from July in the past ten years, announced the General Statistic Offices (GSO).

 

According to the GSO, the CPI drop was attributed to the reduction in petrol and oil prices on July 20 and August 4, and the lower price of gas on August 1.

 

The decrease in the prices of petrol and oil also brought in lower transport costs, down 2.12% compared to the previous month.

 

In addition, hot weather in many localities has eased, leading to lower consumption of electricity and the price of electricity has fallen by 0.32%. The price of construction materials was also down by 0.01% due to the beginning of the rainy season, resulting in lower demand for construction.

 

Seven out of 11 groups of commodities and services saw price rises in August with the highest price increase in education, up 0.87%, and clothing, hats and footwear with an increase of 0.28% due to higher consumption for the new school year. Other groups saw slight increase of around 0.1%.

 

On the contrary, transport costs went down considerably at 2.12%, and the prices of housing and construction materials decreased by 0.45%. The post and telecommunications group and the group of other commodities and services all fell slightly by 0.02%.

 

(Source: nhandan.org.vn)