Wages increase and concerns about rising commodity prices

After the basic salary increased from July 1 and the two recent consecutive adjustments in gasoline and oil prices, many Ha Tinh consumers are worried that the prices of goods and services will increase accordingly.

Gasoline and oil prices increased in the last two adjustment periods.

From July 1, 2023, the basic salary will officially increase by 20.8%, from VND 1.49 million/month to VND 1.8 million/month. This makes many people excited because their income will increase, but many people are also worried that the prices of raw materials, fuel, consumer goods, and daily services will increase accordingly.

Furthermore, in the two recent consecutive adjustments (July 21 and August 1), gasoline prices increased at quite high levels, making consumers even more concerned about the "escalation" of market prices.

Mrs. Duong Thi Chien (Co Dam commune, Nghi Xuan) and her husband are self-employed, so she does not care much about the increase or decrease in the basic salary because it does not affect the family's income. However, what worries her is that the prices of consumer goods and services will increase accordingly.

Ms. Duong Thi Chien is concerned that the prices of goods and services will increase according to the increase in basic salary.

Ms. Chien said: “In the past, every time the salary increased, the price of food, goods and services increased, so I had to calculate to tighten spending to suit my family's conditions. This year, since the beginning of May, the price of electricity has increased by 3%. In the two most recent adjustments, the price of gasoline has also increased by nearly 2,500 VND/liter. Just at the beginning of August, the retail price of gas also increased. So with this salary increase, I am happy for the salary earners but also very worried that market prices will "follow the rain", especially for freely traded goods in the market".

Meanwhile, for the couple Phan Thi Hoa (Thach Trung commune, Ha Tinh city), although they welcomed the joy of a salary increase, they still couldn't help but worry that the prices of goods would increase accordingly.

Worrying about rising prices is a common concern of many people.

Ms. Hoa said: “My husband and I are civil servants and teachers. The basic salary has increased, our income has increased by more than 2 million VND compared to before, helping the family have more money to spend. However, I am also worried that when the salary increases, the price of goods will increase because I see that the price of gasoline is currently on the rise. I am afraid that if the salary increases by 1 VND but the price of goods increases by 2 VND, it will be even more difficult and difficult. I hope that the State will have mechanisms and policies to control prices to stabilize the market, not affecting people's lives too much."

The concern of Ms. Chien and Ms. Hoa about rising prices is a common concern of many people when salaries increase. This concern is understandable because salary and price increases are not new stories. However, consumers should not worry too much and avoid disrupting the market.

Supermarkets often run discount programs to share part of the spending burden with consumers.

According to a survey, currently, the prices of goods at markets, supermarkets, and stores in Ha Tinh market remain stable, without any major fluctuations. Since the beginning of the year, the price with the most fluctuations is live pigs (from May onwards, the price of live pigs has increased by about 12 - 15,000 VND/kg compared to before).

Ms. Vo Thi Nhung - a vegetable vendor at Ha Tinh City Market said: "Currently, the prices of vegetables and fruits I import have not changed much. Previously, prices also increased and decreased one day, and for more than a month now, it has been the same. In fact, the prices of items that fluctuate continuously such as vegetables, fruits, seafood, etc. It is difficult to determine the cause of the increase or decrease, mainly depending on the impact of weather, harvest season, consumer demand or when gasoline prices increase sharply, causing transportation costs to increase."

According to a representative of Co.opmart Ha Tinh supermarket, the input prices of goods from the beginning of the year until now have been basically stable compared to last year, with no groups of goods increasing dramatically. Meanwhile, some groups of goods have been reduced in price according to the 2% VAT reduction. In addition, the supermarket also regularly implements discount and incentive programs so that customers can buy many products at good prices.

Commodity prices in Ha Tinh market have not fluctuated much.

Mr. Vo Ta Nghia - Deputy Director of the Department of Industry and Trade said that since the beginning of the year, the market situation and commodity prices in the province have not changed much. The demand for goods, especially luxury goods and non-essential goods, has decreased due to economic difficulties and people's limited spending.

Mr. Nghia said that according to economic laws, when wages increase, people's living standards increase, demand increases, so consumer prices will often fluctuate. Regarding the trend in the coming months, there may be a slight increase in prices of many items but not dramatically. Currently, India and some countries are stopping rice exports, the market for this commodity in the world is greatly affected, so there is a tendency for rice and rice products in Vietnam to increase in price. Regarding consumption, the coming time coincides with the Mid-Autumn Festival, the September 2nd holiday, students starting the new school year, etc., so purchasing power will increase. At the end of the year, near Tet, consumer demand increases, some fresh food products will tend to increase in price.

To ensure stability, functional sectors will continue to monitor and closely follow market developments, prices, and grasp the supply and demand situation to promptly have management solutions.

Mr. Pham Van Binh - Head of Price Appraisal Management Department - Price Management Department said that the Ministry of Finance has fully prepared scenarios to limit the situation of "following the flow of water" in commodity prices when the basic salary increases from July 1.

Accordingly, the price management and operation work focuses on three important groups of contents. That is, closely following market and price developments, ensuring control according to the inflation target set by the National Assembly and paying special attention to strategic and influential goods such as gasoline. At the same time, grasping the supply and demand situation and other tasks in the process of price stabilization.

For some items in the list of State-determined prices, we will continue to operate cautiously, in accordance with the actual situation in each period. Because this is also a tool in the State's price management. At the same time, we will closely monitor price declaration and price posting, as well as inspect compliance with the law in price management, to avoid hoarding and unreasonable price speculation. At the same time, we will focus on information and communication work, publicity and transparency in the field of price management, thereby basically ensuring the goal of controlling inflation.

Ngoc Khanh

Source: https://baohatinh.vn/thuong-mai-dich-vu/luong-tang-va-noi-lo-gia-ca-hang-hoa-leo-thang/252340.htm