Lower pork prices reduce May CPI
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May’s lower consumer price index has mainly been attributed to the record low price of pork.
According to the General Statistics Office (GSO), CPI in May fell by 0.53% against April.
Transport group saw the price decrease of 0.34% against April as the government cut petroleum prices on May 5 and May 20.
Telecommunications and housing and construction materials also decreased by 0.05% and 0.02% respectively.
Meanwhile, seven others saw price increases in May with the culture, entertainment and tourism group being the biggest hike with 0.13% compared to April; followed by household appliances, drink and tobacco, footwear and garment products, medicines and health services, educational equipment and other services.
Experts, however, said that lower CPI was just temporary due to the lower food prices, including pork. From now to the end of this year, Vietnam still faces a high risk of higher inflation with the higher prices of medical services and electricity.
The GSO said that despite being lower than April, CPI in May is still up by 3.19% against last May and CPI in the January-May this year is 4.47% higher than the same period of 2016.
Pork prices in Vietnam are now VND20,000 (USD0.9)-26,000 per kilo, a record low. Vietnam is seeking ways to save the pig breeding industry.
According to the General Statistics Office (GSO), CPI in May fell by 0.53% against April.
CPI in May fell by 0.53% against April
Price declines were seen in four out of the 11 goods and service groups in the price basket, with the sharpest level reported in food and catering services with 1.43% which is mainly due to the sharp reductions in pork prices.Transport group saw the price decrease of 0.34% against April as the government cut petroleum prices on May 5 and May 20.
Telecommunications and housing and construction materials also decreased by 0.05% and 0.02% respectively.
Meanwhile, seven others saw price increases in May with the culture, entertainment and tourism group being the biggest hike with 0.13% compared to April; followed by household appliances, drink and tobacco, footwear and garment products, medicines and health services, educational equipment and other services.
Experts, however, said that lower CPI was just temporary due to the lower food prices, including pork. From now to the end of this year, Vietnam still faces a high risk of higher inflation with the higher prices of medical services and electricity.
The GSO said that despite being lower than April, CPI in May is still up by 3.19% against last May and CPI in the January-May this year is 4.47% higher than the same period of 2016.
Pork prices in Vietnam are now VND20,000 (USD0.9)-26,000 per kilo, a record low. Vietnam is seeking ways to save the pig breeding industry.
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