Vietnam CPI soars 1.86% in Nov

Vietnam consumer price index(CPI) in November is estimated to have surged 1.86% from October.

Vietnam consumer price index(CPI) in November is estimated to have surged 1.86% from October, the highest increase level from February, the General Statistics Office of Vietnam said.

November increase has expanded the CPI rise of 9.58% in the first 11 months of this year and 11.09% on year, driven by higher prices of education and food and construction sectors.

Prices of education staple posted highest increase in the 11-month period this year of 19% from December 2009.

Both food and construction material saw the second biggest increase of 13% from beginning of this year.

In November alone, as many as 10 out of the 11 baskets of goods contributed to the calculation of the CPI data saw their prices rise this month. Only costs of post and telecom services continued to decrease by 0.03%, GSO said.

The highest percentage price increase was seen in food and restaurants service, up 3.45% from October and 12.46% from December, including food (+6.02%), food stuff (+3.27%) .

House and construction materials prices jumped 1.7% on month due to higher prices of steel and cement, partly due to higher imported steel ingot.

Hai Phong City posted a highest CPI surge of 2.24% from October.

Earlier, CPI of two biggest cities of Vietnam also posted a high increase. Ho Chi Minh and Hanoi CPI saw an increase of 1.73% and 1.93% on month, respectively.

Gold prices surged 23.31% from December 2009 as a result of global price hike and local gold hoarding which affected on consumers’ inflation.

The Minister attributed the country’s higher CPI to a world price hike of goods and the unfavorable conditions such as floods, epidemic diseases in the recent time.

The government has been taking measures to keep the country’s inflation at a single digit. – Stoxplus.com

Tags: Vietnam CPI, Vietnam CPI 2010, Vietnam economic, Vietnam economy