General Statistics Office data released on the morning of March 29 showed that the consumer price index (CPI) in March 3 decreased by 3% compared to the previous month, compared to December 2024, increased by 0,23% and compared to December 12. with the same period in 2023 increasing by 1,12%. Overall, in the first quarter of 2023, CPI increased by 3,97% compared to the same period in 2024, basic inflation increased by 3,77%.
Among the 11 main groups of consumer goods and services, there are 7 groups of goods with reduced prices and 4 groups of goods with increased prices. In particular, the price index of housing and construction materials in March 3 increased the highest, up 2024% compared to the previous month, thereby increasing the overall CPI by 0,29 percentage points.
The food group price index in March 3 decreased the most, down 2024% compared to the previous month, due to reduced consumer demand after the Lunar New Year while the supply of goods was abundant.
According to the assessment of the General Statistics Office, the factors increasing CPI in the first quarter of 2024 compared to the same period last year are: Domestic rice prices increased according to export rice prices and demand for delicious sticky rice and regular rice during the holiday. Tet, causing the rice price index in the first quarter of 2024 to increase by 21,71% compared to the same period in 2023. The price index of domestic water group increased by 10,58%; The price index of household electricity group increased by 9,38%; The education group price index in the first quarter increased by 9,02%; The price index of drugs and medical services increased by 6,51%; The price index of housing and construction materials increased by 5,4%; The price index for the culture, entertainment and tourism group increased by 1,35%.
Factors reducing CPI in the first quarter of 2024 compared to the same period in 2023 are: Postal and telecommunications group price index in the first quarter of 2024 decreased by 1,46% compared to the same period in 2023 due to the decrease in prices of older generation phones when the Enterprises apply price reduction and demand stimulation programs for smartphones that have been on the market for a while.
In the first quarter of 2024, average core inflation increased by 2,81% over the same period in 2023, lower than the general average CPI (up 3,77%), mainly due to food, gasoline and service prices. Health care and educational service prices are factors that impact CPI increases but belong to the group of goods excluded from the basic inflation calculation list.
The General Statistics Office commented that our country's socio-economic situation in the first 3 months of 2023 takes place in the context of the world economy continuing to have many complex and unstable fluctuations. Although global inflation has cooled down, it is still high; slow recovery and decline in consumer demand of major trading partners. The instability of some banks in the US and Europe affects the confidence of people around the world in the banking system while central banks continue to increase interest rates and use tightening monetary policies. worse. World energy prices increased; The war between Russia and Ukraine continues... International organizations make different assessments about world economic growth in 2023 but agree on a lower growth forecast than in 2022 from 0,5 to 1,2 percent score./.
