Home » Business, Markets » Petroleum price hike drives up inflation rates in big cities

After three consecutive decreases and one slight increase, the consumer price index (CPI) spiked in Hanoi and HCM City this month as a result of the petroleum price hike in late June, according to the Statistics Departments.

Petroleum price hike drives up inflation rates in big cities
CPI in big cities increases as a result of recent petroleum hikes

As a result, Hanoi’s CPI increased by 0.22% from the previous month and by 5.97% from the same period last year.

Prices of all goods and services were up compared with the month before, but the transportation sector recorded the highest increase of over 1%.

The rise in prices of transportation was a direct result of consecutive petroleum price hikes, especially the increase in gasoline prices by VND360 per litre and diesel prices by VND370 per litre in late June.

The latest petrol price increase on July 17 will not only affect this month’s CPI but also likely add to next month’s index.

The capital’s CPI in the first seven months of this year was up 5.75% from a year earlier.

In addition, the increase in cooking gas prices, by VND13,000 per 12-kilo canister, in early this month and the rise in the kerosene prices, by VND300 per litre, have driven up prices of housing, electricity, water, fuel and construction materials by 0.66%.

Gold prices in Hanoi fell by 6.62% from a month earlier and by 14.1% compared to same period last year. Meanwhile, the value of the USD was up 0.63% against the previous month and 1.08% from a year earlier.

In HCM City, the inflation rate was up 0.17% from the previous month and 3.54% from a year earlier.

Five out of 11 goods and services in the metropolis used to calculate the CPI recorded decreased prices, including housing, electricity, water, fuel and construction materials as well as medicines and medical services and telecommunications.

The travel and post categories recorded the highest price rise of 1.3% for the month while other goods and services showed only slight price increases.

Gold prices in the city decreased by 6.58% in July compared to the month earlier and by 8.89% from the same period last year, while the value of the USD was up 0.79% from a month earlier and 2.64% compared with the same period last year

(Dtinews)

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