Consumer price index up 0.1% in August as medical costs soar

Wednesday, 2016-08-24 17:00:14
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NDO - The consumer price index in August rose 0.1% from the previous month, primarily as a result of the move to increase healthcare costs in more than ten provinces across the country.

The index was up 2.57% year on year and 2.58% against December last year, according to the General Statistics Office (GSO).

Consumer prices in August were also partly boosted by higher education costs as tuition fees were increased in some provinces, furthermore, the approaching school year drove up prices of stationery items.

Medicine and healthcare services climbed 6.18% while education costs were up by 0.47%.

On the contrary, transport costs posted the largest decrease thanks to two rounds of petrol price cuts while food prices also fell due to abundant supplies.

In August, gold prices rose by an average of 1.72% while the US dollar was fairly stable, hovering around VND22,300.

According to the GSO, the average core and headline inflation rates in the first eight months of 2016 were nearly the same, suggesting that the monetary policy was effective in stabilising the macroeconomy.

The national statistical agency predicted the CPI in September to further increase as a result of higher education and fuel costs but noted that such rises may be restrained by stabilising food prices.