Wages are rising, and there are worries about soaring prices of goods.

Following the increase in the minimum wage effective July 1st and two consecutive recent adjustments to gasoline and diesel prices, many consumers in Ha Tinh are concerned that the prices of goods and services will also increase.

Gasoline and diesel prices have increased in the last two price adjustments.

From July 1st, 2023, the basic salary officially increased by 20.8%, from 1.49 million VND/month to 1.8 million VND/month. This has brought joy to many people due to the increased income, but also caused concern among many about the potential increase in the prices of raw materials, fuel, consumer goods, and daily services.

Furthermore, in the two most recent consecutive price adjustments (July 21st and August 1st), gasoline and diesel prices increased significantly, further increasing consumer concerns about the "escalation" of market prices.

Mrs. Duong Thi Chien and her husband (from Co Dam commune, Nghi Xuan district) are self-employed, so she doesn't pay much attention to increases or decreases in the basic salary because it doesn't affect her family's income. However, what worries her is that the prices of consumer goods and services will increase accordingly.

Ms. Duong Thi Chien is concerned that the prices of goods and services will increase in line with the increase in the basic salary.

Ms. Chien expressed: “Previously, every time salaries increased, the prices of food, goods, and services also rose, so I had to carefully calculate and tighten spending to suit my family's circumstances. This year, since the beginning of May, electricity prices have increased by 3%. In the two most recent adjustments, gasoline prices have also increased by nearly 2,500 VND/liter. At the beginning of August, retail gas prices also increased. So, while I'm happy for those receiving salaries this time, I'm also very worried that market prices will follow suit, especially for goods sold freely in the market.”

Meanwhile, for Ms. Phan Thi Hoa and her husband (Thach Trung commune, Ha Tinh city), although they are happy to receive a salary increase, they are also worried that the prices of goods will rise accordingly.

Worrying about rising prices is a common sentiment among many people.

Ms. Hoa said: “My husband and I are civil servants and teachers. With the increase in the basic salary, our combined income has increased by more than 2 million VND compared to before, giving our family extra money for expenses. However, I am also worried that the increase in salary will lead to a rise in the price of goods, as I see that gasoline prices are already trending upwards. I fear that if the salary increases by 1 VND but the price of goods increases by 2 VND, it will only make things more difficult and challenging. I hope that the government will have mechanisms and policies to control prices to stabilize the market and not significantly affect people's lives.”

The concerns about rising prices expressed by Ms. Chien and Ms. Hoa reflect the common sentiment among many people as wages increase. This anxiety is understandable, as wage and price increases are nothing new. However, consumers should avoid excessive worry and prevent market disruption.

Supermarkets frequently run discount programs to help alleviate some of the financial burden for consumers.

According to surveys, prices of goods at markets, supermarkets, and stores in Ha Tinh province remain stable, with no major fluctuations. Since the beginning of the year, the most significant price change has been for live pigs (from May onwards, the price of live pigs increased by approximately 12,000 - 15,000 VND/kg compared to before).

Ms. Vo Thi Nhung, a vegetable vendor at Ha Tinh City market, said: “Currently, the prices of the vegetables and fruits I buy remain largely unchanged. Previously, prices fluctuated, sometimes increasing, sometimes decreasing, and this has been the case for over a month now. In reality, the prices of goods like vegetables, fruits, and seafood fluctuate constantly, making it difficult to pinpoint the exact reasons for increases or decreases. They mainly depend on weather conditions, harvest seasons, consumer demand, or when fuel prices rise sharply, leading to increased transportation costs.”

According to a representative from Co.opmart Ha Tinh supermarket, the input prices of goods have remained basically stable compared to last year, with no sudden price increases for any product group. Meanwhile, some product groups have seen price reductions due to a 2% decrease in VAT. In addition, the supermarket regularly runs discount and promotional programs to allow customers to purchase a wide range of products at good prices.

Prices of goods in the Ha Tinh market have not fluctuated much so far.

According to Mr. Vo Ta Nghia, Deputy Director of the Department of Industry and Trade, the market situation and commodity prices in the province have not fluctuated much since the beginning of the year. Demand for goods, especially luxury and non-essential items, has decreased somewhat due to the difficult economic conditions and people's reduced spending.

Mr. Nghia believes that, according to economic principles, when wages increase, people's living standards rise, and demand increases, so consumer prices usually fluctuate. Regarding the trend in the coming months, many goods may see slight price increases, but not drastic ones. Currently, India and some other countries are halting rice exports, significantly impacting the global market, so there is a tendency for rice and processed rice products in Vietnam to increase in price. In terms of consumption, upcoming events such as the Mid-Autumn Festival, the September 2nd holiday, and the start of the new school year will increase purchasing power. The end of the year, leading up to Tet (Lunar New Year), will see increased consumer demand, and some fresh food items will tend to see price increases.

To ensure stability, relevant agencies will continue to monitor market developments and prices, and keep abreast of supply and demand situations in order to promptly implement management solutions.

Mr. Pham Van Binh, Head of the Price Appraisal Management Department of the Price Management Bureau, said that the Ministry of Finance has fully prepared scenarios to limit the situation where commodity prices "follow the trend" when the basic salary increases from July 1st.

Accordingly, price management and control will focus on three important areas: closely monitoring market developments and prices, ensuring control in accordance with the inflation target set by the National Assembly, and paying special attention to strategic commodities with significant impact such as gasoline and oil. Simultaneously, it will involve understanding supply and demand and other tasks in the price stabilization process.

For certain items subject to state price regulation, cautious management will continue, adapting to the actual situation in each period. This is also a tool in the state's price control mechanism. Simultaneously, close monitoring of price declarations and listings, as well as inspection of compliance with the law in price management, will be carried out to prevent hoarding and unreasonable price speculation. Furthermore, emphasis will be placed on information and communication, transparency in price management, thereby fundamentally ensuring the goal of controlling inflation.

Ngoc Khanh

Source: https://baohatinh.vn/thuong-mai-dich-vu/luong-tang-va-noi-lo-gia-ca-hang-hoa-leo-thang/252340.htm