Consumer price index in July increased by 0.48%, what is the cause?

According to the socio -economic situation report for July and the first 7 months of 2024, which was just announced by the General Statistics Office on the morning of July 29, in the first 7 months of 2024, in the face of rapid, complex and unpredictable developments in the world situation, Vietnam's socio-economic situation continues to face many difficulties and challenges. However, thanks to the drastic and effective implementation of the Government's Resolutions, Vietnam's socio-economic situation in July and the first 7 months maintained a positive trend, creating momentum for growth in the following months and quarters.

Accordingly, the Consumer Price Index (CPI) in July 2024 increased by 0.48% compared to the previous month. The CPI in the 7 months compared to December 2023 increased by 1.89% and compared to the same period last year increased by 4.36%. In the 0.48% increase of the CPI in July 2024 compared to the previous month, there were 10 groups of goods and services with increased price indexes; only the postal and telecommunications group had stable prices.

Consumer price index (CPI) in July 2024 increased by 0.48% over the previous month

Specifically, the highest increase was in the group of other goods and services, up 3.77%, mainly due to the price of health insurance increasing 28.45% when the basic salary was adjusted from 1.8 million VND/month to 2.34 million VND/month. The second group was the transportation group, up 1.45%, causing the general CPI to increase by 0.14%, mainly due to the price of diesel increasing 4.07%; domestic gasoline prices increased 3.55% due to the impact of price adjustments during the month.

The third group is housing, electricity, water, fuel and construction materials, increasing by 0.5% mainly due to reasons such as the price of household electricity increased by 1.39%; household water increased by 0.22%. The price of kerosene increased by 4.02% due to the impact of price adjustments during the month; house rental price increased by 0.2%; the price of housing maintenance materials increased by 0.08%...

According to the General Statistics Office, on average, in the first 7 months of 2024, the CPI increased by 4.12% over the same period last year.

Regarding inflation, core inflation in July 2024 increased by 0.36% compared to the previous month, and by 2.61% compared to the same period last year. On average, in the first 7 months of 2024, core inflation increased by 2.73% compared to the same period in 2023, lower than the average CPI (up 4.12%), mainly due to the prices of food, foodstuffs, electricity, education services, medical services and gasoline, which are factors that increase the CPI but are excluded from the list of core inflation calculations.

Source: https://congthuong.vn/chi-so-gia-tieu-dung-thang-7-tang-048-dau-la-nguyen-nhan-335496.html