Average CPI in 2023 increased by 3.25% compared to 2022

At the press conference announcing socio -economic statistics for the fourth quarter and 2023 held on the morning of December 29 at the headquarters of the General Statistics Office, in the General Report on the socio -economic situation, General Director of the General Statistics Office Nguyen Thi Huong affirmed that some localities increased medical service prices according to Circular No. 22/2023/TT-BYT, increased tuition fees according to Decree No. 81/2021/ND-CP, increased household electricity prices due to Vietnam Electricity adjusting the average retail electricity price and domestic rice prices continuing to increase according to export rice prices are the main reasons for the consumer price index (CPI) in December 2023 to increase by 0.12% compared to the previous month, up 3.58% over the same period in 2022. The average CPI in the fourth quarter of 2023 increased by 3.54% compared to the fourth quarter of 2022. For the whole year of 2023, CPI increased by 3.25% compared to 2022, achieving the target set by the National Assembly.

The world commodity market in 2023 will have many fluctuations and be affected by economic, political and social factors. Domestically, the supply of goods is guaranteed, production prices increase and decrease alternately. On average, in 2023, the agricultural, forestry and fishery production price index and the service production index increased compared to the previous year, while the industrial production price index, the raw material price index for production and the import-export price index of goods decreased compared to 2022.

Specifically, in the 0.12% increase in CPI in December 2023 compared to the previous month, there were 10 groups of goods and services with increased price indexes and 01 group of goods with decreased price indexes. The average CPI in the fourth quarter of 2023 increased by 3.54% over the same period last year. The average CPI in 2023 increased by 3.25% compared to 2022. The average core inflation in 2023 increased by 4.16% compared to 2022, higher than the average CPI increase (up 3.25%). The main reason is that the average domestic gasoline price in 2023 decreased by 11.02% compared to 2022, the gas price decreased by 6.94%, which is a factor that restrains the CPI growth rate but is a group of goods excluded from the list of core inflation calculations.

Domestic gold prices fluctuate in the same direction as world gold prices. As of December 25, 2023, the average world gold price was at 2,040.77 USD/ounce, up 2.93% compared to November 2023 due to the FED's decision to keep interest rates at 5.25% - 5.5% and expected to have three interest rate cuts in 2024. In addition, difficulties from the stock market and the demand for gold reserves of central banks and the Asian region at the end of the year are the factors affecting world gold prices. Domestically, the gold price index in December 2023 increased by 3.98% compared to the previous month; increased by 13.13% compared to the same period in 2022; the average in 2023 increased by 4.16%.

Globally, the US dollar price tends to decrease as the global economic outlook is weakening. As of December 25, 2023, the US dollar index in the international market reached 102.94 points, down 2.02% compared to the previous month. Domestically, the average US dollar price in the free market is around 24,426 VND/USD. The US dollar price index in December 2023 decreased by 0.56% compared to the previous month; increased by 1.04% compared to the same period in 2022; the average in 2023 increased by 1.86%./.

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