In the Government report on market prices in June, the Ministry of Finance said that compared to May, prices of basic commodities were generally stable, with abundant supply. Prices of some commodities fluctuated slightly, including rice and LPG, contributing to reducing pressure on price levels. On average, in the first 5 months of the year, CPI increased by 4.03% over the same period, core inflation increased by 2.78%.
Looking back at the first six months of the year, it can be seen that the price level of goods increases according to the rule during the holidays and Tet at the beginning of the year and gradually decreases and remains relatively stable in the following months.
Regarding the management and operation of prices of some important and essential commodities, the Ministry of Finance said that since the beginning of the year, the Steering Committee for Price Management has directed ministries, branches and localities to drastically implement many solutions. In particular, the Steering Committee focuses on ensuring smooth supply, circulation and distribution of goods and services, especially for strategic commodities; promptly prepare plans to manage prices of State-priced commodities and public services according to the market roadmap.
In addition, the proactive, flexible, timely and effective management of monetary policy continues to be implemented in parallel with support policies on taxes, fees and charges to support people and businesses; closely monitor the supply and demand developments and market prices of essential goods to have appropriate management measures.
Regarding some specific items, the Ministry of Finance said that the average world oil price in June decreased compared to May. As of June 20, the prices of oil products have gone through 25 price adjustment periods, and so far the prices have returned to the price level near the beginning of the year. The selling price of LPG gas has similarly increased in three months and decreased in three months, and has now decreased by 3,000-5,000 VND/12 kg cylinder compared to May. Regarding the price of steel billet, although it has increased slightly compared to May in the Southeast Asian market, according to the reports of declaring enterprises, the prices of construction steel and cement in the country in June and the first six months of the year were basically stable, with no unusual fluctuations.
In the market for agricultural materials and products, the export price of Vietnamese rice in the first six months of the year increased from 74 to 165 USD/ton compared to the same period in 2023. Domestically, the price of this item is relatively stable, with sufficient supply to meet demand. Prices of fertilizers, medical examination and treatment services, and education and training also decreased slightly and remained stable, with the ceiling tuition fee for higher education increasing by an average of 14%, and for vocational education by an average of 6%. However, the specific tuition fee is still within the price range prescribed by the Government.
To proactively respond to challenges in price management in the last six months of the year, the Ministry of Finance said it will continue to proactively coordinate closely with ministries and local branches to resolutely implement measures in management, operation, and price stabilization of the market, especially for essential consumer goods and services.
For State-managed goods and public services that are implementing market roadmaps such as electricity, healthcare services, and education services, the Ministry of Finance will continue to closely monitor price plans and roadmaps to update inflation scenarios as a basis for price management to ensure control of average inflation in 2024 according to the National Assembly's target of 4-4.5%.
Regarding petroleum products, the Ministry of Finance and the Ministry of Industry and Trade continue to manage domestic market prices, closely follow world price developments and coordinate to contribute opinions to perfect the petroleum price management mechanism. Continuing to promote effective and honest information and propaganda will ensure timely, objective and transparent disclosure of information on prices and price management by the Government and the Price Management Steering Committee, especially price developments of important materials and essential goods related to production and people's lives. This measure plays an important role in limiting expected inflation, stabilizing psychology, and benefiting consumers and businesses, especially at times coinciding with holidays during the year.
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