According to the latest report of the General Statistics Office, the average consumer price index (CPI) in 2024 increased by 3.63% compared to 2023, achieving the target set by the National Assembly. Of the 11 main consumer goods groups, 5 groups increased in price and 1 group decreased in price. The price index of the food and catering services group increased by 4.03% compared to the previous year, causing the overall CPI to increase by 1.35 percentage points.
The price index of housing, electricity, water, fuel and construction materials increased by 5.2% compared to the previous year, causing the overall CPI to increase by 0.98 percentage points, mainly due to the household electricity price index increasing by 7.68% due to increased electricity demand, along with EVN adjusting the average retail electricity price, causing the overall CPI to increase by 0.25 percentage points.
The converted rental and owner-occupied housing price index increased by 4.6% due to increased rental demand, contributing to a 0.48 percentage point increase in the CPI. In addition, the domestic water price index in 2024 increased by 8.33% compared to the previous year.
The price index of the group of drugs and medical services increased by 7.16%, causing the overall CPI to increase by 0.39 percentage points due to the adjustment of medical service prices according to Circular No. 22/2023/TT-BYT from November 17, 2023 and Circular No. 21/2024/TT-BYT from October 17, 2024 of the Ministry of Health.
The education group price index increased by 5.37% because in the 2023-2024 and 2024-2025 school years, some localities increased tuition fees, causing the overall CPI to increase by 0.33 percentage points. The transport group price index increased by 0.76%, causing the overall CPI to increase by 0.07 percentage points.
The price index of the postal and telecommunications group in 2024 alone will decrease by 1.02% compared to 2023 due to the decrease in prices of old generation phones when businesses apply discount programs to stimulate demand for smartphones launched on the market after a period of time.
On average, core inflation in 2024 will increase by 2.71% compared to 2023, lower than the average CPI increase (3.63%), mainly due to the prices of food, foodstuffs, electricity, education services, and medical services, which are factors affecting the CPI increase but are excluded from the list of core inflation calculations.
Speaking to the press, General Director of the General Statistics Office Nguyen Thi Huong assessed that inflation in 2024 has been controlled below the threshold allowed by the National Assembly. This is an inflation level that is consistent with the socio-economic situation in the country, supporting economic growth, contributing to macroeconomic stability, and is a bright spot in Vietnam's economic development results in 2024.
"To stabilize the macro-economy and successfully control inflation, the Government has directed ministries, branches and localities to drastically implement many solutions in 2024 such as ensuring smooth supply, circulation and distribution of goods, especially essential goods serving people's lives.
Focus on strengthening price management and operation, especially during natural disasters and floods, promptly issuing national reserve goods to support and provide relief to people affected by storms and floods.
"The prices of state-priced goods and public services will be carefully managed according to the market roadmap. The Government will continue to implement support policies on taxes, fees, and charges to support people and businesses in 2024," said Ms. Huong.
In particular, according to the General Director of the General Statistics Office, proactive, flexible, timely and effective monetary policies have contributed to controlling inflation.
