On the morning of September 6, 2024, information on the socio-economic situation in August and the first 8 months of 2024, the General Statistics Office said: Prices of consumer goods and services in August 2024 increased and decreased, in which prices of food, foodstuffs, and rental housing increased compared to July 2024, domestic gasoline prices decreased following world prices. Overall, in August 2024, the consumer price index was stable compared to the previous month.
Compared to December 2023, the consumer price index (CPI) in August 2024 increased by 1.89% and compared to the same period last year increased by 3.45%.
On average, in the first 8 months of 2024, the consumer price index increased by 4.04% over the same period last year; core inflation increased by 2.71%.
Of the 11 main consumer goods and services groups, 10 groups had a slight increase in price index; only the transportation group had a decrease in price compared to the previous month.
The groups of goods and services with increased price indexes include: Housing, electricity, water, fuel and construction materials; food and catering services increased by 0.27%; other goods and services increased by 0.2%; medicine and medical services increased by 0.18%...
Also according to the General Statistics Office, on average in the first 8 months of 2024, core inflation increased by 2.71% over the same period in 2023, lower than the average CPI increase (4.04%), mainly due to the prices of food, foodstuffs, electricity, education services, medical services and gasoline, which are factors affecting the CPI increase but are excluded from the list of core inflation calculations.
According to Mr. Vu Tuan Anh - Chairman of JCI Vietnam 2022, Hanoi is the locomotive of the country, so fluctuations in the capital's consumer price index have a significant impact on the general CPI.
On average, in the first 8 months of 2024, Hanoi's CPI increased by 5.24% compared to the same period last year, in which 10/11 commodity groups increased in average CPI. The education group increased by 29.33% (causing the average CPI in the first 8 months of this year to increase by 2.32%) because in the first 3 months of 2024, public schools in Hanoi applied tuition fees according to Resolution 03/2023/NQ-HDND dated July 4, 2023 of the Hanoi People's Council, and at the same time, some private schools also applied increased tuition fees in the 2023-2024 school year.
The gold price index in August 2024 increased by 1.54% compared to the previous month, by 25.04% compared to December 2023 and by 36.8% compared to the same period last year. On average, in the first 8 months of 2024, the gold price index increased by 28.73% compared to the average in the same period in 2023.
In Ho Chi Minh City, according to the Ho Chi Minh City Statistics Office, the food and catering services group increased by 0.53%; the food group increased by 0.16%; and out-of-home catering services increased by 0.55%.
Mr. Vu Tuan Anh also said that in the last two quarters of the year, consumer goods prices usually increase, especially during the Mid-Autumn Festival and New Year's Eve, so inflation for the whole year of 2024 could exceed 4% if authorities do not take action to stabilize the market and prevent traders from "following the flow" and increasing prices of goods during storms, floods, or holidays.
