Pig price is one of the reasons pushing CPI in June up 0.17%

According to the General Statistics Office, compared to the previous month, the CPI in June 2024 increased by 0.17% (urban areas increased by 0.1%; rural areas increased by 0.24%). Of the 11 main groups of consumer goods and services, 08 groups increased in price compared to the previous month and 03 groups decreased in price.

The increase in live pig prices is one of the reasons pushing up the CPI index in June 2024.

The food and catering services group in June 2024 increased by 0.75% compared to the previous month, causing the overall CPI to increase by 0.25 percentage points, of which the food group increased by 1.07% mainly due to the 3.78% increase in pork prices when African swine fever occurred in many localities across the country, the price of fresh, dried and processed vegetables increased by 1.94%, the price of fresh eggs of all kinds increased by 2.16%, the price of chicken increased by 0.52%, the price of frozen poultry increased by 0.86%, the price of fresh and processed fruits increased by 0.66%; the group of eating out increased by 0.26% due to hot weather and the summer tourist season, so consumer demand increased; the food group increased by 0.05%, of which the price of rice increased by 0.03%.

The culture, entertainment and tourism group increased by 0.68%, of which the price of package tourism services increased by 2.84%, and guesthouses and hotels increased by 0.19% because June is the month when students are on summer vacation, so the travel demand of agencies, businesses and families increases.

The group of medicines and medical services increased by 0.6%, mainly due to some localities implementing new medical service prices according to Circular No. 22/2023/TT-BYT.

The housing, electricity, water, fuel and construction materials group increased by 0.35% mainly due to hot weather leading to increased demand from people, causing the price of household electricity to increase by 0.67% and household water to increase by 2.38%; house rental prices increased by 0.35% due to increased demand for housing in some localities; prices of house maintenance materials increased by 0.13%.

The beverage and tobacco group increased by 0.17%; the household equipment and appliances group increased by 0.09%; the post and telecommunications group increased by 0.02%; and the other goods and services group increased by 0.05%.

On the contrary, the transportation group in June 2024 decreased by 2.27% compared to the previous month, contributing to a decrease in the overall CPI of 0.22 percentage points, mainly due to the impact of price adjustments during the month, causing domestic gasoline prices to decrease by 5.86%, diesel prices to decrease by 0.95%; the vehicle group decreased by 0.17% due to car manufacturers applying promotional programs for old car models.

The garment, hat and footwear group decreased by 0.11% due to businesses and establishments implementing many discount programs to stimulate summer shopping. The education group decreased by 0.01% compared to the previous month, in which the price of textbooks decreased by 0.42%.

In general, in the first 6 months of 2024, the CPI increased by 4.08% over the same period last year . Factors that increased the CPI in the first 6 months of 2024 compared to the same period last year include the average price index of food and catering services in the first 6 months of 2024 increasing by 4% over the same period last year, causing the overall CPI to increase by 1.34 percentage points.

The price index of housing, electricity, water, fuel and construction materials increased by 5.51% over the same period last year, causing the overall CPI to increase by 1.04 percentage points, mainly due to the converted rental housing and owner-occupied housing price index increasing by 4.95%, causing the CPI to increase by 0.52 percentage points; the household electricity price index increased by 9.45% due to increased electricity demand and EVN's adjustment of the average retail electricity price in 2023, causing the overall CPI to increase by 0.31 percentage points.

The education group price index increased by 8.58% because in the 2023-2024 school year, some localities increased tuition fees, causing the general CPI to increase by 0.53 percentage points. The price index of the medicine and medical services group increased by 7.07%, causing the general CPI to increase by 0.38 percentage points because the price of medical services was adjusted according to Circular No. 22/2023/TT-BYT of the Ministry of Health from November 17, 2023.

According to the General Statistics Office, core inflation in June 2024 increased by 0.18% compared to the previous month and by 2.61% compared to the same period last year. On average, in the first 6 months of 2024, core inflation increased by 2.75% compared to the same period in 2023, lower than the average CPI (up 4.08%), mainly due to the prices of food, electricity, education services and health services, which are factors that increase the CPI but are excluded from the list of core inflation calculations.

Source: https://congthuong.vn/gia-heo-hoi-la-mot-trong-cac-nguyen-nhan-day-cpi-thang-6-tang-017-329076.html