The consumer price index rose by 1.59%.

On January 4th, information from the People's Committee of Lao Cai province indicated that, according to the Provincial Statistics Department, the consumer price index (CPI) of Lao Cai in 2024 increased by 1.59% compared to the previous year. Within the main consumer goods and services categories, 9 groups saw price increases, while 2 groups experienced price decreases compared to the same period last year.

Lao Cai Provincial Market Management Force inspects goods and prices. Photo: Lao Cai Market Management Force.

Several groups of goods saw price increases in 2024, including: medicines and medical services (up 8.47%); other goods and services (up 3.74%); food and catering services (up 3.89%); household equipment and appliances (up 0.03%); transportation (up 0.03%); housing, electricity, water and construction materials (up 1.54%); culture, entertainment and tourism (up 1.32%)... Two groups saw price decreases: postal and telecommunications services (down 0.14%) and education (down 10.65%).

The main reasons for the increase in the CPI in 2024 are primarily due to price increases in food and beverage services; increased consumer demand during holidays and Tet (Lunar New Year); the impact of natural disasters, storms and floods; and increases in gasoline, oil, medical services and health insurance prices in line with the basic salary increase…

In 2025, Lao Cai province will continue to strengthen information and communication efforts, ensuring timely and transparent information on prices, especially the price fluctuations of essential goods related to production and people's lives, in order to control inflation and stabilize consumer sentiment. The province will strengthen management, operation, and price stabilization (if necessary); and implement solutions to ensure a balance between supply and demand and stabilize the market during the Lunar New Year of the Year of the Snake 2025. The province will regularly monitor market developments, supply and demand, and prices, especially for essential consumer goods, to prevent shortages, speculation, and price gouging, ensuring the smooth flow of goods, particularly to remote and disadvantaged areas.