On the afternoon of January 23, Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management chaired a meeting on the results of price management work in 2023 and orientations for 2024.
Based on the synthesis of information and updated forecasts of price trends of important essential commodities that are the focus of price management and operation in 2024, synthesizing assessment information of the Ministry of Planning and Investment and the State Bank on factors affecting inflation in 2024, the Steering Committee's Working Group proposed 3 inflation scenarios with forecasts of average CPI increases of 3.52%, 4.03% and 4.5%.
Concluding the meeting, Deputy Prime Minister Le Minh Khai stated that the National Assembly's Resolution on the Socio-Economic Development Plan for 2024 resolved to continue prioritizing growth associated with consolidating and maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, including assigning a GDP growth target of 6-6.5% and an average consumer price index (CPI) growth rate of 4-4.5%.
Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management chaired a meeting on the results of price management work in 2023 and orientations for 2024 (Photo: VGP).
The Deputy Prime Minister emphasized that in order to carry out the tasks set out by the National Assembly, price management and operation in 2024 needs to continue to promote the achieved results, forecast the actual situation closely, implement proactively and flexibly, and ensure good control of inflation according to the targets set out by the National Assembly.
He noted that from July 1, 2024, salaries will increase, in addition, credit growth targets will also increase, many unpredictable factors such as price fluctuations of some essential goods (gasoline, food, natural disasters, climate change)... Therefore, it is necessary to forecast the actual situation closely, be extremely careful, not be subjective, to prepare appropriate, timely and effective price management and operation plans.
Regarding price management and operation in 2024, the Deputy Prime Minister requested ministries, branches and localities to focus on and strengthen price management and operation during the Lunar New Year, strictly implement Directive No. 26 dated November 23, 2023 of the Secretariat on organizing the 2024 Giap Thin Lunar New Year and Directive No. 30 dated December 15, 2023 of the Prime Minister on strengthening measures to ensure a joyful, healthy, safe and economical celebration of the 2024 Giap Thin Lunar New Year.
Deputy Prime Minister Le Minh Khai requested ministries and branches to be more proactive and prepare well plans to manage prices of State-priced goods and essential and important public services according to the market roadmap, especially prices of medical services, education, and petroleum products.
Emphasizing the need for proactive and flexible management and operation of prices in 2024, the Deputy Prime Minister requested ministries, branches and localities to ensure supply and demand of essential goods, not to disrupt supply; promptly detect and take timely and effective measures to deal with unusual developments in the supply of goods.
Proactively forecast and have plans to ensure supply and demand balance, especially during times when the market has high demand for essential goods such as gasoline, construction materials, food, pork and other fresh food items, agricultural supplies, transportation services, etc. to avoid shortages and disruptions in supply sources that cause sudden price increases.
Ministries, branches and localities are requested to flexibly and effectively use tools and measures to regulate prices in accordance with the provisions of the law on prices to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration and posting measures; publicize price information. Organize inspections and examinations of compliance with the law on prices, and strictly handle violations of the law on prices.
The Ministry of Finance coordinates with ministries and branches to promptly develop and issue documents guiding the law on prices, to avoid legal gaps in price management and operation .
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