September’s CPI ranked 0.21% lower than in August and just 0.4% higher than in December 2014. This is the first time in 10 years September’s CPI has been lower than the previous year.
The CPI fall this month has been attributed to the declining price of 4 of 11 baskets of goods and services. The lower petrol price saw the price of transport decrease 3.17%. Gas prices dropped, electricity demand fell, and there was a slight decrease of food prices which all helped drive down the CPI.
However, education prices increased 1.24% due to increased tuition fees. The price of medical services in some provinces also increased by 0.5% over the previous month.
September’s CPI is usually higher than the previous year due to increasing consumer demand, but this year appears an exception.
According to the General Statistics Office, CPI will increase slightly from now until the end of this year if there is no adjustment in the pricing level and macro-economic policies.
