Consumer prices in May decline for the first time in 4 years

Đức Thiên - May 31, 2017 | 12:23 PM GMT+7

TheLEADERVietnam's consumer prices of May dropped for the first time in four years since May 2013 by 0.06% and declined 0.53% over the previous month, according to The General Statistics Office of Viet Nam (GSO).

Consumer prices in May decline for the first time in 4 years
CPI in May 2017 compared to CPI in April of the last 8 years. Photo: TL

CPI in May 2017 of 4 out of 11 commodity and service groups decreased compared to the last month and named the main cause of dragging the total CPI of the month down. Particularly, the CPI of food and beverage services fell by 1.43% (food’s CPI decreased by 2.27% due to the drop in meat price); Traffic decreased by 0.34% due to the adjustment of gasoline and fuel prices in May 5and May 20, 2017 (fuel price fell by 0.71% leading to CPI’s decrease of 0.03%); Post and telecommunications’ CPI decreased 0.05%; Housing and construction materials fell by 0.02%.

Meanwhile, CPI of other groups of goods and services increased slightly: Culture, entertainment and tourism increased 0.13%; Equipment and household appliances rose by 0.1%; Beverages and cigarettes increased by 0.08%; Apparel, hats and footwear rose by 0.05%; Medicines and health services increased by 0.04%; Education increased by 0.02%; Other goods and services also went up by 0.15%.

CPI in the first 5 months of 2017 tends to decrease. Photo: TL

The average CPI in the first 5 months of 2017 increased by 4.47% over the same period of 2016. CPI in May 2017 increased by 0.37% compared to December 2016 and increased by 3.19% over the same period last year.

Thecoreinflation in May 2017 increased 0.08% over the previous month and rose 1.33%over the same period last year. The average inflation in the first 5months of 2017 went up by 1.56% over the sameperiod of 2016.