July’s consumer price index posts slight decrease

The figure represented a year-on-year increase of 4.46% and was up 2.13% against December 2017.

In the first seven months of this year, the index inched up 3.45% year on year.

Among 11 main commodity and service groups, eight reported monthly growth in prices, with the goods and services recording the highest hike at 0.56%. It was followed by food and catering services (0.43%); housing and construction materials (0.37%); culture, entertainment and tourism (0.26%); and apparel, headgear and footwear (0.12%).

Price decreases were seen in three groups, including medicines and health care services (5.85%); transport (0.52%) and post and telecommunications services (0.05%).

Do Thi Ngoc, head of the GSO’s Statistics Department, attributed the CPI decrease in July to reductions in the prices of rice, and oil and gas.

Basic inflation (CPI exclusive of fresh food, energy, and State-controlled services such as health care and education) rose by 0.15% monthly and 1.41% annually in July, pushing its seven-month figure by 1.36%, proving that monetary policy remains stable.