The June CPI rose 3.37% year-on-year, the largest annual increase since July 2020.
The consumer price index (CPI) rose 0.69% in June from the previous month, up 3.37% from the end of 2021. This is the largest annual increase since July 2020 (3.39%). †
In the second quarter, the CPI rose on average by 2.96%. In 6 months, the CPI increased by 2.44% compared to the same period last year.
According to the General Statistical Office for producer prices, the price index of raw materials – fuel – materials used for production rose sharply in the first half of the year compared to the same period last year.
Specifically, the producer price index of agricultural, forestry and fishery products increased by 1.84% in the second quarter compared to the previous quarter and by 2.18% over the same period last year. In the first 6 months, this index increased by 1.38% compared to the same period last year.
The producer price index of industrial products rose by 5.11% in the second quarter compared to the same period last year. The first 6 months of the year recorded an increase of 4.75%. Producer price index of services 3.57% over the same period last year.
The price index of raw materials, fuel and materials used in manufacturing in the second quarter increased by 2.23% from the previous quarter and by 6.38% over the same period last year. The first 6 months of the year recorded a strong increase of 6.04%.
Meanwhile, the import price index also rose sharply in the first half of the year. The import price index of goods increased by 11.43% compared to the same period last year. In the first 6 months of the year, the import price index rose by 11.21% after one year.
The export price index for commodities increased by 8.56% compared to the same period last year. The gold price index rose by 7.4% compared to 2021.
In its previous report, the World Bank (WB) said Vietnam should be cautious about inflation risks associated with the trend of rising fuel and import commodity prices. This could hinder the recovery of domestic aggregate demand.
Experts say temporary relief measures, including targeted direct aid, are needed to help poor households cope with rising fuel prices.
Meanwhile, the International Monetary Fund (IMF) also warned that there will be significant risks and uncertainties to Vietnam’s economic outlook. Growth risks are tilting in favor of slowing growth, while inflation risks are tilting in the direction of rising inflation.
In the short term, the immediate external risk is an increase in geopolitical tensions that could negatively impact economic activity and inflation due to weaker external demand, higher commodity prices and prolonged disruptions to the global supply chain.
@ Sing News
