CPI falls to 0.93% in August

VGP – In August, the consumer price index (CPI) in Việt Nam slowed down to 0.93% from July, making the lowest level since the beginning of the year, according to the General Statistics Office.

August 24, 2011 2:10 PM GMT+7

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This is the first time CPI stood below 1% since the Government’s Resolution 11 put into life.

The outcome showed that the policy worked in reining in inflation and stabilizing the macro-economy.

In August, as many as 10 out of the 11 baskets of goods which were used for the calculation of the CPI data saw their prices increase from 0.21% to 1.35%.

Localities were reportedly implementing the Resolution 11 effectively. Hồ Chí Minh City, the biggest economic hub of the country has successfully fulfilled price stabilization measures and saw CPI increase by 0.68% in August.

Although CPI dipped down in August, the country will have to do its utmost to fulfill the targets to curb inflation at 17% this year, said Mr. Nguyễn Đức Thắng, head of GSO's Price Department.

Gold prices surged 8.7% month on month in August, 15.33% in the first 8 months as a result of global price hike and local gold hoarding.

U.S. dollar prices also jumped 0.26% month on month, up 0.32% from in the first 8 months./.

By Kim Anh