Inflation to be curbed below 4%: Deputy PM

Tuesday, 2018-07-10 17:25:20
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Deputy PM Vuong Dinh Hue speaks at the meeting (photo: VGP)
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NDO - There are many tools and the necessary space to control inflation below 4% this year, said Deputy Prime Minister Vuong Dinh Hue at the meeting of the Government's Steering Committee on Price Management held in Hanoi on July 10.

According to the Deputy PM, the consumer price index (CPI) for June increased by 0.61% over the previous month, mainly attributed to a hike in the price of pork, was not extraordinary.

Moreover, the rise of 0.61% is within the forecast by the Steering Committee on Price Management, the Government official noted.

He affirmed that the CPI increase in June was driven by higher prices of pork and transport services, saying that excluding the short-term factor of pork prices, inflation in June was only 0.27%, the lowest level in many years.

Average CPI in the January-June period went up by 3.29% compared to the same period last year, putting pressure on the target of keeping the average CPI for 2018 below 4% as set by the National Assembly. It will be a big challenge for the Government, Hue noted.

However, the Government will take all necessary measures until the end of this year to restrict average inflation to below 4% to contribute to macro-economic stability, he affirmed.

At the meeting, the Deputy PM also asked the Ministry of Agriculture and Rural Development to put forth directions for the management of pork prices in the remaining months of the year.

It is also advisable to calculate the supply and demand of food and essential goods for the last six months of this year as about 10 typhoons are forecast to hit Vietnam during this period.