Concerns about rising commodity prices as wages increase

More than a month since the basic salary increased and the two recent consecutive adjustments in gasoline and oil prices, many consumers in the province are worried that the prices of goods and services will increase accordingly.

"Splash water with rain"

From July 1, 2023, the basic salary will officially increase from VND 1.49 million/month to VND 1.8 million/month. This makes many people, especially state officials and civil servants, excited because their income has increased, but many people are also worried because the prices of raw materials, fuels, consumer goods, and daily services are about to increase. Moreover, in the last two consecutive adjustments (July 21 and August 1), gasoline prices have increased at quite high levels, making consumers even more worried about the "escalation" of market prices.

Dalat vegetable and fruit stalls move up slightly.

Surveying traditional markets in Phan Thiet City in recent days, prices of foods such as chicken, green vegetables, aquatic products, and seafood have increased by 10 - 25% in the past month. A chicken trader at Phu Thuy market said that prices of chicken meat have increased quite high: The price of ready-made industrial chicken thighs increased by 10,000 - 15,000 VND/kg, currently priced at 75,000 - 80,000 VND/kg; industrial chicken breast increased by 10,000 VND/kg, up to 70,000 VND/kg, causing purchasing power to decrease significantly. At the same time, prices of some vegetables, tubers, and fruits have also "increased" slightly. Part of the reason is due to increased transportation costs, plus the stormy weather over the past 10 days has caused a lot of vegetables and tubers to be flooded, not enough to supply the market, causing prices to increase.

The stormy weather over the past 10 days has caused a lot of vegetables and tubers to be flooded.

“If the market situation increases, we have to increase prices according to the growers, we cannot adjust. Especially in the situation of heavy rain like the past few days, vegetables and fruits have increased by about 20-30% compared to normal weather conditions,” said Ms. Hang, a vegetable and fruit vendor from Da Lat at Phu Thuy market. Similarly, the prices of many seafood products have also increased by 10-15% compared to the beginning of July, of which mackerel costs from 280,000 VND/kg, squid from 180,000 - 250,000 VND/kg... According to the explanation of the vendors, there are few boats going to sea due to heavy rain, high oil prices, low output, so the price of seafood must increase for fishermen to make up for the loss.

Prices are expected to continue to rise.

It can be seen that the recent increase in fuel and transportation prices has greatly affected the supply chains of goods, pushing up the prices of some packaged products, milk, and consumer goods. Nguyen Thanh Xuan (Phu Trinh ward) and her husband shared: “My husband and I just had our second child, our salaries have increased so we are excited, each month we have an additional 1-2 million VND to cover our family's living expenses. However, according to the rule, every time the salary increases, the prices of some goods will "follow the rain", especially in the context of the recent increase in gas and gasoline prices. In particular, when I went to buy milk for my child, I was surprised when the prices of many types of powdered milk increased by about 10-15% with an increase of 20,000-30,000 VND/box in the past month or so."

In the two most recent adjustments, gasoline prices have also increased by nearly 2,500 VND/liter.

With prices continuing to rise, consumers are having to calculate to tighten their spending to suit their family's conditions. 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. Just at the beginning of August, retail gas prices also increased. Many people are concerned that consumer prices may continue to increase in the coming time, greatly affecting the spending needs of many families, especially when the new school year is approaching.

Many people are concerned that consumer prices will continue to increase in the future.

According to the functional sector, according to economic law, when wages increase, people's living standards increase, demand increases, so consumer prices will often fluctuate. Regarding the trend in the coming months, there may be a slight increase in prices of many items but not dramatically. Currently, India and some countries are stopping rice exports, the market for this commodity in the world is greatly affected, so there is a tendency for rice and rice products in Vietnam to increase in price. Regarding consumption, the coming time coincides with the Mid-Autumn Festival, the September 2nd holiday, students starting the new school year, etc., so purchasing power will increase. At the end of the year, near Tet, consumer demand increases, some fresh food products will tend to increase in price. To ensure stability, the functional sectors will still monitor and closely follow market developments, prices, grasp the supply and demand situation to promptly have management solutions.

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