Tuition fees and rice prices are causing the CPI to rise.

The consumer price index (CPI) in October increased by 0.08% due to adjustments in tuition fees in some localities and a rise in domestic rice prices following export increases.

According to data released on October 29th, the General Statistics Office reported that the Consumer Price Index (CPI) in October increased by 0.08% compared to the previous month and by 3.59% compared to the same period last year. On average for the first 10 months, the CPI increased by 3.2%, and core inflation increased by 4.38%.

According to the General Statistics Office, the increase in the Consumer Price Index (CPI) in October was due to rising education costs and rice prices. The education group saw the highest increase that month, with the price of educational services rising by 2.54% as some localities adjusted tuition fees for preschool and general education.

Overall, within the CPI basket of goods and services, 9 groups saw price increases. Only 2 groups experienced decreases: postal and telecommunications services - mainly due to a decrease in the price of telephone equipment; and transportation - due to adjustments in gasoline and diesel prices.

Also in October, domestic gold prices fluctuated in the opposite direction to world gold prices. As of October 25th, the average world gold price was over $1,909 per ounce, down 2.1% compared to September due to the upward trend in the US dollar exchange rate and US Treasury bond yields as the US Federal Reserve (Fed) maintained its stance of keeping interest rates high to bring inflation down to 2%.

Domestically, the gold price index in October increased by 0.92% compared to the previous month; increased by 8.28% compared to the same period last year; and the average for the first 10 months of 2023 increased by 2.81%.

Regarding the USD exchange rate, the statistics agency reports that the currency is trending upwards. On average, in the domestic free market, 1 USD is traded around 24,582 VND. The USD price index in October increased by 1.2% compared to the previous month; increased by 1.79% compared to the same period last year; and the average increase for the first 10 months of 2023 was 2.24%.

Duc Minh

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