Vietnam CPI likely to rise 1.8-2% in Feb

Vietnam’s Consumer Price Index in February is forecast to rise by between 1.8%-2% from January, the online newspaper VnEconomy reported on February 6

There will be no sudden change in prices of goods and services this month which seems to be like the same period of the previous years, the department said.

Meanwhile, the country’s CPI in January, slowed down to 1.74%, compared with 1.98% in December 2010, the General Statistics Office of Vietnam said.

The price level has risen due to higher consumption on Tet holidays as the money supply has increased sharply after the minimum salary was raised from January 1 and bonuses came out on Tet holidays as well.

Meanwhile, the inbound remittances were estimated at $8.3 billion in 2010, rising by 25.6% on year. The number of foreign visitors and overseas Vietnamese people to Vietnam during Tet holiday was expected at more than 500,000, which pressured on consumer prices.

Prices of goods on the world market including steel billet, petroleum, liquefied gas, sugar and rice went up and caused strong effects to the domestic market. The prices of domestic rice are forecast to stand at the current high level in the coming time. The prices of fresh food, sugar and steel in domestic market continue to increase slightly. Meanwhile, the gasoline prices are still in the uptrend that makes the price control more difficult, the department said. – Stoxplus.com

Tags: Vietnam CPI, Vietnam CPI 2011, Vietnam economic, Vietnam economy

Posted by VBN on Feb 8 2011. Filed under Consumer price index, Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry