CPI in 2024 increased by 3.63% compared to 2023, achieving the target set by the National Assembly

(MPI) – According to Report No. 04/BC-TCTK dated January 6, 2025 of the General Statistics Office on the socio -economic situation in the fourth quarter and 2024, some localities adjusted medical service prices according to Circular No. 21/2024/TT-BYT, rental housing prices, and increased gasoline prices were the main reasons for the consumer price index (CPI) in December 2024 to increase by 0.29% over the previous month. Compared to December 2023, the CPI in December 2024 increased by 2.94%. The average CPI in the fourth quarter of 2024 increased by 2.87% compared to the fourth quarter of 2023. For the whole year of 2024, the CPI increased by 3.63% over the previous year, achieving the target set by the National Assembly.

Illustration photo. Source: MPI

In the 0.29% increase in CPI in December 2024 compared to the previous month, there were 09 groups of goods and services with increased price indexes and 02 groups of goods with decreased price indexes. Of which, the groups of goods and services with increased price indexes include: Medicines and medical services increased by 2.19%; Transportation increased by 0.57%; Housing, electricity, water, fuel and construction materials increased by 0.53%; Garment, hats and footwear increased by 0.28%.

The group of other goods and services increased by 0.22%, of which the price of wedding services increased by 0.53% due to high demand at the end of the year. The group of culture, entertainment and tourism increased by 0.2%, mainly focused on items such as domestic tourism increased by 1.23%; television and internet fees increased by 0.23%; foreign tourism increased by 0.22%; services related to pets increased by 0.21%. The group of beverages and tobacco increased by 0.2%, mainly due to increased consumer demand during Christmas and preparation for the upcoming Tet holiday. The group of household appliances and equipment increased by 0.17% due to increased consumer demand during the wedding season and the weather changing to winter. The group with the lowest increase was theeducation group, up 0.16%.

Two groups of goods and services with price indexes decreasing include: Post and telecommunications group decreased by 0.03%; Food and catering services group decreased by 0.13%.

The average CPI in 2024 increased by 3.63% compared to 2023, below the target set by the National Assembly, due to a number of main reasons such as: The price index of food and catering services increased by 4.03% compared to the previous year, causing the overall CPI to increase by 1.35 percentage points; The price index of housing, electricity, water, fuel and construction materials increased by 5.2% compared to the previous year; The price index of medicine and medical services increased by 7.16%; The price index of education increased by 5.37%; The price index of transport increased by 0.76%.

Factors contributing to curbing the CPI growth rate in 2024 are: The price index of the postal and telecommunications group in 2024 decreased by 1.02% compared to 2023 due to the decrease in prices of old generation phones when businesses applied discount programs to stimulate demand for smartphones.

Core inflation in December 2024 increased by 0.25% compared to the previous month and by 2.85% compared to the same period last year. On average, core inflation in 2024 increased by 2.71% compared to 2023, lower than the average CPI increase (3.63%), mainly due to the prices of food, foodstuffs, electricity, education services, and medical services, which are factors that increase the CPI but are excluded from the list of core inflation calculations./.

Thuc Anh

Ministry of Planning and Investment

Source: https://www.mpi.gov.vn/portal/Pages/2025-1-7/CPI-nam-2024-tang-3-63-so-voi-nam-2023-dat-muc-tierth7g1.aspx