Vietnam’s General Statistics Office reported that the consumer price index (CPI) remained stable in August 2024, despite a slight increase in the price index for 10 out of 11 groups of consumer goods and services. The stability was largely due to a 1.98% decrease in the transportation group, helping to offset the rise in other sectors. On average, CPI increased by just over 4% compared to the same period last year, indicating a slowdown in inflation. However, experts caution that unpredictable weather events, such as storms and floods, can impact commodity prices and require short-term and long-term solutions to stabilize the market.
Vegetable prices surge in traditional markets in Hanoi following the storm.
Economist Vu Vinh Phu suggested that the agriculture sector should immediately focus on short-term crop and livestock production to recover from the storm’s impact. He also emphasized the need for the agriculture and industry sectors to collaborate in the long term by constructing reserve warehouses and investing in advanced processing technologies to produce canned foods. Currently, most businesses operate on a buy-and-sell basis, leading to challenges in ensuring a stable food supply during natural disasters, as cold storage reserves are limited.
If production and business activities in the areas affected by Storm No. 3 are quickly restored, and supply-demand connections are stabilized, inflation can be controlled, and this year’s GDP growth target can be achieved or even exceeded. Economist Dr. Le Duy Binh, Executive Director of Economica Vietnam, a consulting and economic research organization, attributed the targeted growth rate of 6.5-7% this year to factors such as strong export recovery, sustained public investment, and increased budget spending.
Dr. Binh noted that, in addition to the impact of storms and floods, seasonal factors, such as increased demand during the last months of the year, can also put pressure on inflation. He highlighted the potential influence of import-export market dynamics and raw material prices. At the same time, he pointed out a favorable factor in controlling inflation through the end of the year: the possibility of the US Federal Reserve (Fed) lowering its base interest rate, which would reduce pressure on exchange rates and inflation.
To curb inflation, the Ministry of Planning and Investment has proposed several solutions, including proactive forecasting, scenario building, and price management. They emphasize the need to monitor commodity groups with high weightings and develop appropriate strategies. The ministry also suggests carefully considering the timing and approach of price adjustments to prevent shortages and sudden price hikes in essential goods like food and fuel. Ensuring a stable supply of electricity and fuel and taking a hard line against hoarding and price manipulation are also key aspects of their plan.
Saigon Co.op Steps Up to Support Northern Provinces with Essential Supplies
As the remnants of Typhoon Yagi, the third storm of the season, wreaked havoc across northern provinces, Saigon Co.op stepped up to the challenge. In collaboration with local authorities in provinces where Co.opmart and Co.op Food are present, we worked tirelessly to regulate and stabilize prices of essential goods. Our efforts ensured a steady supply of these necessities for the affected communities.
Essential Supplies in Thai Nguyen Remain Ample, but Meat and Vegetable Prices Surge
In the city of Thai Nguyen, while there has been an increase in the prices of vegetables and pork, essential items such as water and instant noodles have remained stable. In fact, some merchants have gone a step further and reduced prices by 50% or even provided these items free of charge to groups purchasing supplies for flood-affected areas.
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Hundreds of tons of essential goods, including fresh produce, food items, and daily necessities, have been transported by supermarkets and businesses from Ho Chi Minh City and Southern provinces to the North to aid those affected by the third storm.
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“PNJ Unveils its Premier Status in Retail’s Contribution to the National Coffers”
PNJ has solidified its leadership in the retail industry, not only through impressive business figures but also by spearheading the journey towards sustainable development. The company has made a significant impact, contributing 4,500 billion VND to the state budget in the last three years, clearly demonstrating its commitment to the nation’s progress and solidifying its position as a powerhouse in the jewelry industry.
“Inflation’s Steady Climb: CPI Rises 4.04% in the First Eight Months of 2024, With Core Inflation Up 2.71% Year-on-Year.”
Consumer goods and service prices in August exhibited a mixed bag of fluctuations. Compared to July 2024, the prices of staple foods and rental housing witnessed an uptick, while domestic fuel prices declined in tandem with the global trend. Overall, the consumer price index (CPI) for August 2024 remained stable relative to the previous month. August’s CPI reflected a 1.89% increase from December 2023 and a 3.45% year-over-year rise. On average, the first eight months of 2024 saw a 4.04% CPI increase compared to the same period last year, with core inflation climbing by 2.71%.
