In the 0.13% increase in CPI in November 2024 compared to the previous month, there were 8 groups of goods and services with increased price indexes and 3 groups of goods with decreased price indexes.
The General Statistics Office announced on the morning of December 6 that the increase in the price index of household electricity, rental housing prices and housing maintenance materials were the main reasons for the consumer price index (CPI) in November 2024 to increase by 0.13% compared to the previous month.
Compared to December 2023, CPI in November increased by 2.65% and compared to the same period last year increased by 2.77%.
In the 0.13% increase in CPI in November 2024 compared to the previous month, there were 8 groups of goods and services with increased price indexes and 3 groups of goods with decreased price indexes.
Specifically, the price index of 8 groups of goods and services increased, including: housing, electricity, water, fuel and construction materials increased the most with an increase of 0.87%, mainly in the following items: kerosene price increased by 3.57% compared to the previous month due to the impact of price adjustments during the month; gas price increased by 2.25% because from November 1, 2024, domestic gas prices will be adjusted to increase according to world gas prices.
In addition, the price of home repair services increased by 0.62% due to increased demand at the end of the year; house rental prices increased by 0.45% due to high real estate and apartment prices; the price of home maintenance materials increased by 0.28% due to increased cement and steel prices in the context of increased electricity, coal and packaging prices; household electricity prices increased by 2.03% compared to the previous month due to Vietnam Electricity Group (EVN) adjusting the average retail electricity price from October 11, 2024.
The group of other goods and services increased by 0.29%; of which, jewelry prices increased by 2.35% following domestic gold prices; watch repair increased by 0.12%; personal care services increased by 0.1%; environmental sanitation services increased by 0.07%.
The beverage and tobacco group increased by 0.26%, mainly due to the increase in raw material prices for beverage production and the USD exchange rate. The garment, hat and footwear group increased by 0.21% due to increased labor costs, material costs and shopping demand due to the change of seasons...
On the contrary, the price index of 3 groups of goods and services decreased, including: the transportation group decreased by 0.07% due to: the price of passenger transport by air decreased by 11.04%; passenger transport by rail decreased by 4.1% due to decreased demand; gasoline price decreased by 0.14% compared to the previous month; used car price decreased by 0.13%; new car price decreased by 0.04%.
In addition, some items increased in price: diesel oil price increased by 2.96% due to the impact of price adjustments during the month; lubricant oil price increased by 0.1%; motorbike repair price increased by 1.03% compared to the previous month; bicycle repair increased by 0.55%; other motorbike spare parts increased by 0.27%; motorbike tires and tubes increased by 0.25%; motorbikes increased by 0.24%; bicycle tires and tubes increased by 0.21%; other bicycle spare parts increased by 0.15%; bicycles increased by 0.14%.
The food and catering services group decreased by 0.22%; of which, the food price index increased by 0.33%; food decreased by 0.5% (contributing to a 0.1 percentage point decrease in CPI); the group of eating out increased by 0.26%. Along with that, the post and telecommunications group decreased by 0.3%; of which, the price of regular mobile phones decreased by 0.99%; the price of smart mobile phones and tablets decreased by 0.46%; the price of fixed-line phones decreased by 0.04%; accessories for smart phones and tablets decreased by 0.03%. On the contrary, the price of phone repair increased by 0.47% due to increased labor costs.
The General Statistics Office also pointed out that domestic gold prices fluctuate in the same direction as world gold prices. As of November 27, 2024, the average world gold price was at 2,696.8 USD/ounce, up 0.12% compared to October 2024.
In early November 2024, world gold prices fell significantly after Republican candidate Donald Trump won the US presidential election as investors adjusted their portfolios and awaited new economic policies from the President-elect.
However, this decline was short-lived, with gold prices quickly recovering in the following weeks due to factors such as geopolitical tensions and expectations of interest rate cuts from the US Federal Reserve (Fed).
Domestically, the gold price index in November 2024 increased by 2.26% over the previous month; increased by 32.91% over December 2023 and increased by 38.2% over the same period last year; on average in the eleven months of 2024, the gold price index increased by 28.42%.
Regarding the USD price index, as of November 27, 2024, the USD price index in the international market reached 105.47 points, up 2.52% compared to the previous month due to expectations of the Fed's monetary policy and positive US economic data, along with escalating geopolitical tensions in some countries, increasing demand for the USD as a safe asset.
Domestically, the average USD price in the free market fluctuates around 25,483 VND/USD. The USD price index in November 2024 increased by 1.76% compared to the previous month; increased by 4.22% compared to December 2023 and increased by 3.63% compared to the same period last year; the average increase in the eleven months of 2024 was 4.97%.
The General Statistics Office said that on average, in the first 11 months of 2024, core inflation increased by 2.7% over the same period in 2023, lower than the average CPI increase (3.69%), mainly due to the prices of food, foodstuffs, electricity, education services, and medical services, which are factors affecting the CPI increase but are excluded from the list of core inflation calculations./.
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