Compared to the same period in 2023, the CPI in January 2024 increased by 3.37%; the core inflation in January 2024 increased by 2.72%.

In the 0.31% increase of the CPI in January 2024 compared to the previous month, there are 09 groups of goods and services with increasing price indexes, and 02 groups of goods with decreasing price indexes.

The nine groups of goods and services with increasing price indexes are:

– The group of medicine and medical services had the highest increase of 1.02% (contributing to a 0.05 percentage point increase in the overall CPI), with the price index of medicines increasing by 0.09%; outpatient medical services increasing by 0.89%; inpatient medical services increasing by 1.67%. The main reason is that some localities have implemented the new healthcare service prices according to Circular No. 22/2023/TT-BYT dated November 17, 2023 of the Ministry of Health, which stipulates the unified prices of healthcare services covered by health insurance between hospitals of the same level nationwide and provides guidance on the application of prices and cost payments for medical treatment in certain cases.

– The group of housing and construction materials increased by 0.56% (contributing to a 0.11 percentage point increase in the overall CPI), with the price of electricity for household use in January increasing by 1.29% compared to the previous month, and the demand for electricity for heating increasing as the weather becomes colder; the price of building maintenance materials increasing by 0.53% and the price of housing repair services increasing by 0.33%; the price of gas increasing by 1.69%. On the other hand, the price of kerosene in January 2024 decreased by 1.24% compared to December 2023, due to the impact of price adjustments on January 4, 2024, January 11, 2024, January 18, 2024, and January 25, 2024.

– The transportation group increased by 0.41%, with the price index of gasoline increasing by 0.79%; the price index of diesel oil increasing by 1.39%; the price index of public transportation services increasing by 3.64%; the price of auto parts increasing by 0.06%; the price of motorcycle tires and tubes increasing by 0.12%; the price of other bicycle parts increasing by 0.47%; the price of vehicle maintenance services increasing by 0.38%; the price of car wash and pump services increasing by 0.63% due to labor costs and increased demand during the year-end period; the toll fees increasing by 1.54%. On the other hand, there are some items that decreased in price compared to the previous month: the prices of new cars, motorcycles, and used cars decreased by 0.33%, 0.04%, and 0.4% respectively, due to the car manufacturers’ promotional programs to stimulate consumer demand.

– The group of other goods and services increased by 0.40%, mainly due to price increases in some items: the price of jewelry increased by 2.48%; the price of haircuts and hair washes increased by 0.9%; the price of personal care services increased by 1.16%. With the approaching wedding season, the prices of wedding-related items and services increased by 0.47%. In addition, the demand for worship items during the end-of-year period increased, resulting in a 0.39% increase in prices compared to the previous month.

– The group of beverages and tobacco increased by 0.38%, as the demand for consumption and gifts increased during the upcoming Lunar New Year, leading to a 0.54% increase in the price of alcoholic beverages; a 0.32% increase in the price of cigarettes; a 0.06% increase in the price of non-alcoholic beverages.

– The group of clothing, hats, and footwear increased by 0.22% due to labor costs, material costs, and increased demand for winter clothing and the Lunar New Year. In particular, ready-made clothing increased by 0.24% compared to the previous month; the price of fabrics of all kinds increased by 0.23%; other clothing items increased by 0.25%; clothing services increased by 0.43%; hats and caps increased by 0.1%; footwear increased by 0.13%; footwear services increased by 0.93%.

– The group of food and dining services increased by 0.21% (contributing to a 0.07 percentage point increase in the overall CPI), in which food prices increased by 1.74%; the price of food decreased by 0.09%; dining out increased by 0.30%.

– The group of household appliances and utensils increased by 0.14%. The prices of some items increased due to increased demand to serve the upcoming Lunar New Year, such as the price of blenders and fruit juicers, which increased by 0.58%; kitchen equipment increased by 0.3%; glass and porcelain items increased by 0.2%; lighting increased by 0.19%; beds, cabinets, desks, and chairs increased by 0.15%; soap and cleaning products increased by 0.09%; other consumer goods increased by 0.23%; home appliance repair services increased by 0.39%.

– The group of culture, entertainment, and tourism increased by 0.11%, mainly in the following items: package tours increased by 0.7%; books, newspapers, and magazines of all kinds increased by 0.43%; hotels and guesthouses increased by 0.13%.

There are two groups of goods and services with decreasing price indexes:

– The group of postal and telecommunication services decreased by 0.05% due to promotional campaigns by some companies to reduce the prices of certain types of mobile phones. – The group of education decreased by 0.12%, in which educational services decreased by 0.15%. The main reason is that on December 31, 2023, the Government issued Resolution No. 97/2023/NĐ-CP amending and supplementing some provisions of Decree No. 81/2021/NĐ-CP dated August 27, 2021, on stable tuition fees for the 2023 – 2024 school year at the same level as the tuition fees for the 2021 – 2022 school year for public preschool and primary education. Therefore, some localities have adjusted tuition fees downward after collecting tuition fees according to Decree No. 81/2021/NĐ-CP.

The core inflation in January 2024 increased by 0.21% compared to the previous month, an increase of 2.72% compared to the same period last year. The core inflation increased by 2.72% compared to the same period last year, lower than the average CPI increase (3.37%) mainly due to the prices of healthcare services and educational services, which are excluded from the core inflation calculation.

Nhat Quang

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