Gasoline and rice prices push CPI up sharply

ANTD.VN - The consumer price index (CPI) in August increased by 0.88% compared to the previous month, mainly due to the impact of increased gasoline and rice prices. This increase was only lower than January and February of this year because this was the time of the Lunar New Year of Nham Dan 2023.

Domestic rice prices have increased following world prices.

On the morning of August 29, the General Statistics Office announced that the CPI in August increased by 0.88% compared to the previous month. Compared to December 2022, the CPI in August increased by 2.02% and compared to the same period last year, it increased by 2.96%. On average, in the first 8 months of 2023, the CPI increased by 3.1% compared to the same period last year; core inflation increased by 4.57%.

The main reason for the sharp increase in CPI this month is the impact of consecutive increases in gasoline prices since July 11 and the increase in rice prices due to major fluctuations in the world rice market.

Specifically, the price index of food and catering services in August 2023 increased by 0.78% compared to the previous month, affecting the overall CPI by 0.26 percentage points, of which food increased by 3.28%, affecting an increase of 0.12 percentage points; food increased by 0.48%, affecting an increase of 0.1 percentage points; eating out increased by 0.47%, affecting an increase of 0.04 percentage points.

In the food group, the price index of rice group increased by 4.41% (Regular rice increased by 4.94%; delicious rice increased by 3.09% and sticky rice increased by 1.24%).

Domestic rice prices have increased following export rice prices due to the rice export ban by India, Russia, UAE, political conflicts and the impact of El Nino, which have complicated the global rice market.

During the month, the price of regular rice usually fluctuates from 14,000-16,700 VND/kg; the price of Bac Huong rice ranges from 19,000-22,500 VND/kg; the price of delicious Nang Thom rice ranges from 19,500-20,900 VND/kg; the price of sticky rice ranges from 25,500-34,800 VND/kg.

The increase in rice prices affects the prices of other processed food and cereals such as: potato prices increased by 4.37%; corn increased by 1.81%; vermicelli, pho, rice paper increased by 1.17%; wheat flour increased by 0.66%; vermicelli increased by 0.65%; instant noodles, noodles, pho, porridge increased by 0.31%; corn flour increased by 0.16%.

As for the transportation group, the price index of this group in August 2023 increased by 3.85% compared to the previous month, causing the overall CPI to increase by 0.37 percentage points. The main reason for the increase in the price index of the transportation group was the impact of 3 adjustments to increase domestic gasoline prices on August 1, August 11 and August 21, causing gasoline prices to increase by 9.85% compared to the previous month; diesel prices increased by 15.9%.

Accordingly, public transport service prices increased by 3.79% compared to the previous month, of which air passenger transport prices increased by 15.71%; rail increased by 3.58%; road increased by 0.68%; bus tickets increased by 0.53%; taxi increased by 0.1%.

Prices of bicycles, motorbikes and new cars continued to increase by 0.42%, 0.12% and 0.16% respectively due to a shortage of components and spare parts.

Notably, in August, rental prices, electricity and water prices all increased, causing this month's CPI to increase just after 2 months of Tet, which were January and February this year.

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