People shop at Co.opmart supermarket in Hanoi. The national CPI in 2023 increased by 3.2% compared to the previous year. Photo: Tran Viet/VNA
For the whole year of 2023, the CPI increased by 3.25% compared to the previous year, achieving the target set by the National Assembly. Compared to the previous month, the CPI in December 2023 increased by 0.12%, of which the urban area increased by 0.04% and the rural area increased by 0.2%. Of the 11 main consumer goods and services groups, 10 groups increased in price compared to the previous month and only 1 group decreased in price. The General Director also emphasized that some localities have increased medical service prices according to Circular No. 22/2023/TT-BYT and increased tuition fees according to Decree No. 81/2021/ND-CP. In addition, the increase in household electricity prices due to the Vietnam Electricity Group adjusting the average retail electricity price and the continued increase in domestic rice prices following the export rice price, are the main reasons leading to the increase in the consumer price index (CPI) in December 2023 by 0.12% compared to November and an increase of 3.58% over the same period last year. The General Statistics Office assessed that compared to the same period in 2022, the growth rate of the consumer price index from the beginning of the year tended to decrease gradually, but from July 2023, the upward trend returned. In 2023, the CPI in January 2023 increased the highest at 4.89%, then gradually decreased and increased by 3.58% by December 2023. Ms. Huong also explained that the decrease in domestic gasoline prices following world prices has reduced the price index of the gasoline group compared to the same period last year, but by December 2023, gasoline prices had increased by 2.03% compared to the same period last year. Specifically, on average in 2023, the CPI increased by 3.25% compared to 2022. Ms. Huong also pointed out factors affecting the CPI in 2023, including price increases in the education group, housing and construction materials group, food group, household electricity group, medicine and medical services group, and other goods and services group. Ms. Huong also emphasized the Government's measures to control inflation. As of December 25, 2023, the world gold price increased by 2.93% compared to November 2023, reaching 2,040.77 USD/ounce, due to many factors such as the decision of the US Federal Reserve (Fed) to keep interest rates unchanged at 5.25% - 5.5% and the expected three interest rate cuts in 2024. In addition, difficulties from the stock market and the demand for gold reserves of central banks and the Asian region at the end of the year are also factors affecting the world gold price. Domestically, the gold price in December 2023 increased by 3.98% compared to the previous month, up 13.13% over the same period last year; the average in 2023 increased by 4.16%. Regarding the USD price, the depreciation of the USD in the world is explained by the weakening global economic outlook. As of December 25, 2023, the USD index in the international market decreased by 2.02% compared to the previous month, while the average USD price in the domestic free market was around 24,426 VND/USD. The USD price index in December 2023 decreased by 0.56% compared to the previous month; increased by 1.04% compared to the same period last year; the average in 2023 increased by 1.86%. According to the General Statistics Office, core inflation in December 2023 increased by 0.17% compared to the previous month, up 2.98% compared to the same period last year. On average in 2023, core inflation increased by 4.16% compared to 2022, higher than the average CPI increase (up 3.25%). “To proactively respond to challenges posed by rising inflationary pressures, the Government has recently directed ministries, branches and localities to synchronously implement price stabilization solutions, limit negative impacts on socio-economic development and thereby help curb inflation in 2023,” General Director Nguyen Thi Huong emphasized./.Linh Anh
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