Inflation in 11 months increased by 4.27%

Some localities increased medical service prices according to Circular No. 22/2023/TT-BYT, increased tuition fees according to Decree No. 81/2021/ND-CP and domestic rice prices continued to increase following export rice prices, which were the main reasons for the consumer price index (CPI) in November 2023 to increase by 0.25% compared to the previous month. Compared to December 2022, the CPI in November increased by 3.46% and compared to the same period last year, it increased by 3.45%.

On average, in the first 11 months of 2023, the CPI increased by 3.22% compared to the same period last year. In the 0.25% increase in the CPI in November 2023 compared to the previous month, there were 8 groups of goods and services with increased price indexes, 2 groups of goods with decreased price indexes. Only the group of household equipment and appliances remained unchanged.

CPI increase/decrease rate in November 2023 compared to the previous month. Photo: General Statistics Office

Specifically, the price index of 8 groups of goods and services increased, including: The group of medicines and medical services increased the most with 2.9%. The group of education increased by 0.38%. The group of other goods and services increased by 0.32%. The group of clothing, hats, and footwear increased by 0.2% due to increased labor costs and demand for winter clothing.

The beverage and tobacco group increased by 0.19% mainly due to the increase in the USD exchange rate. The food and catering services group increased by 0.1%. The culture, entertainment and tourism group increased by 0.09%. The housing and construction materials group increased by 0.05%.

The two groups of goods and services with price indexes decreasing include: The transportation group decreased by 0.01%. The post and telecommunications group decreased by 0.11% due to the decrease in prices of old generation phones.

The General Statistics Office said that core inflation in November 2023 increased by 0.16% compared to the previous month and by 3.15% compared to the same period last year. On average, core inflation increased by 4.27% over the same period in 2022 in the first 11 months of 2023, higher than the average CPI increase (up 3.22%).

The main reason is that the average domestic gasoline price in the first 11 months of 2023 decreased by 12.12% compared to the same period last year, the gas price decreased by 7.5%, which is a factor that restrains the CPI growth rate but belongs to the group of goods excluded from the list of basic inflation calculations.

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