According to the Ministry of Finance regarding price management in the second quarter of 2024, some factors that are expected to put pressure on the price level include the weather starting to transition into the hot and sunny season, long holidays, so according to annual trends, prices of travel services, lodgings, eating and drinking outside the home, personal services, etc. may increase.
Prices of travel services, accommodations, dining out, personal services, etc. may increase during holidays. Photo: Thu Hong
In conjunction with that, prices of some construction materials tend to increase due to the construction season or due to increased input costs. The demand for electricity and water will also increase, leading to higher bills as per the progressive pricing scheme…
Prices of input materials in the world are at a high level while the global economic and political situation continues to be complex. Vietnam is a country that imports many raw materials for production, so the fluctuation of commodity prices in the world will affect costs and prices, putting pressure on business production and hence leading to an increase in prices of domestic consumer goods.
In addition, the high exchange rate between VND/USD increases import costs of raw and processed materials, putting pressure on domestic commodity prices. Implementing the market price roadmap, accurately calculating costs in the prices of goods and services set by the Government will continue to be considered for implementation in 2024. This is also a factor putting pressure on the price level.
Based on analyses of the situation, the Ministry of Finance has forecasted three price management scenarios from now until the end of the year. In the low scenario, the CPI for 2024 is forecasted to increase by about 3.64% compared to 2023. In the second scenario, the average CPI for 2024 is forecasted to increase by about 4.05% compared to 2023. In the third scenario, the average CPI for 2024 will increase by about 4.5% compared to 2023.
In light of this situation, the Ministry of Finance believes it is necessary to continue monitoring closely the supply and demand, market, and prices of essential commodities in order to have appropriate market stabilization measures, especially for gasoline and strategic commodities that may be affected by global supply chain disruptions and escalated geopolitical conflicts.
Ms. Nguyen Thi Huong, General Director of the General Statistics Office (Ministry of Planning and Investment), also emphasized the need to closely monitor prices of essential commodities such as food, meat, gasoline, gas, etc. in order to have appropriate management measures and proactively prepare sources of goods during the end of the year to limit price increases. At the same time, it is necessary to control and stabilize prices, strictly handle violations, avoid unreasonable price increases, and spread false information that destabilizes the market.
Regarding commodities set by the Government, the Price Management Steering Committee requires relevant ministries and agencies to proactively calculate and prepare price options and price adjustment roadmaps for commodities in order to promptly adjust prices according to their authority or report to competent authorities to consider and decide on the level and time of adjustment in accordance with market price trends and levels, ensuring the goal of controlling inflation.
In addition, it is necessary to proactively forecast and have measures to ensure supply and demand balance, especially during times when the market has high demand for essential commodities such as gasoline, construction materials, food, meat, and other fresh food items, agricultural supplies, transportation services, etc. In particular, it is imperative to prevent shortages and disruptions in supply that cause sudden price increases.
