Vietnam to see monthly CPI drop in October after year-long rise
28/10/2008 16:01
The Consumer Price Index (CPI) for October is forecast to drop 0.19
percent from that of September, ending its year-long rising trend, said sources
with the General Statistics Office (GSO) of Vietnam today.
The CPI monthly
rise was averaged at 2.9 percent in the first six months this year, making fight
against inflation top of Vietnamese government's agenda.
Thanks to a series
of measures including a tightened monetary policy and price stabilization of
essential goods, CPI started to show signs of slower growth in July and went up
only 0.18 percent in September over August, previous figures showed. October's
possible drop will be the first monthly fall in the past one year and a
half.
In October, price dips are expected in three out of ten commodity
categories used to calculate the country's CPI.
Housing and construction
materials will have the largest price decline of 1.08 percent, as many
investment projects were cut down. Three petrol price reduction have led the
price of transport to decrease 0.94 percent in October.
Prices of food and
foodstuff will decrease 0.42 percent in October. Bumper crops in the country's
largest rice granary of the Mekong Delta region, in conjunction with lower
demand in the international market, are the reasons behind the decreases, said
local newspaper Vietnam News today in a analysis story.
Despite the decrease
of October's CPI, the index for the first ten months of the year is expected to
increased 23.5 percent over the same period last year, according to GSO.
With
the price decrease in October, GSO anticipated this year' s overall CPI increase
would possibly reach around 24 percent over last year, said Vietnam
News.
Xinhua
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