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CPI up as Tet nears

Released at: 10:11, 22/01/2016

CPI up as Tet nears

Falling gasoline prices fail to offset rising prices from higher demand as the Tet holidays appear on the horizon.

by Son Ho

The Hanoi Statistics Office has announced the socioeconomic picture in the capital in the opening month of the new year.

The CPI increased 0.12 per cent against December and 1.19 per cent year-on-year, with eight of the eleven categories in the CPI basket rising in price.

The highest increase was in education (3.74 per cent) due to Decision No 41/2015/QD from the Hanoi People’s Committee, which raised school tuition fees.

Food rose 0.27 per cent. As the Tet holiday approaches many stores have added to their inventories and will sell later, as Tet nears, at higher prices. Restaurants also buy a lot of ingredients to prepare for events such as marriages and end-of-year parties, which push up the price of pork, chicken, seafood, and other items.

Housing, electricity, water, fuel, and construction materials increased 0.08 per cent against December, the latter because of greater demand for house repairs just before Tet, while the price of most other services also increased. Demand for electricity was higher with the arrival of winter. The price of steel continued downwards, meanwhile, following on the heels of lower raw material prices. Steel manufacturers also cut prices to maintain production and increase market share.

Gold and the US dollar continued upwards, by 0.26 per cent and 0.13 per cent, respectively.

Traffic saw a decline of 2.1 per cent as gasoline prices were cut twice during the reporting period, on December 18 and January 4. The cut made on January 19 will be counted in the February figure.

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