On the morning of October 30th, presiding over a meeting of the Steering Committee for Price Management to assess the results of price management and control work in the first 10 months of 2024, Deputy Prime Minister Ho Duc Phoc, Head of the Steering Committee, emphasized the goal of striving to ensure that the average CPI does not exceed 4% by the end of 2024.
Ensuring the supply of essential goods.
According to the Deputy Prime Minister, in the recent past, despite unfavorable external impacts and objective factors, under the guidance of the Party, the supervision of the National Assembly , and the decisive and effective involvement of the Government, ministries, sectors, and localities, price management and control have achieved the set goals.
The Deputy Prime Minister emphasized that, to ensure macroeconomic stability, guaranteeing the supply of essential goods is extremely important. The Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, and other relevant ministries and agencies should closely monitor market developments to be ready with solutions to ensure the supply and demand of essential goods. In particular, they should manage and regulate prices, ensuring the people's consumption needs during the upcoming Lunar New Year (Year of the Snake), paying attention to poor households and disadvantaged families; and continue to proactively manage monetary policy and exchange rates effectively.
Deputy Prime Minister Ho Duc Phoc requested that ministries and agencies, based on their assigned functions and tasks, closely monitor developments in strategic commodities on the world market and global events affecting the domestic market (including the petroleum market) to prepare flexible and effective solutions and scenarios for price management and control. He also emphasized ensuring the smooth operation of goods supply, circulation, and distribution. He stressed the need to continue reviewing and adjusting prices of public services according to a roadmap and goods managed by the State according to market principles, carefully assessing and calculating the impact to avoid major disruptions to price levels and people's lives, and ensuring the goal of controlling inflation.
At the same time, flexibly and effectively utilize tools and measures to regulate prices in accordance with the law on pricing, control and stabilize the market; continue to implement comprehensive solutions to promote production and business development; effectively carry out the work of preventing and combating smuggling…
Ministries and agencies should comprehensively review and study the legal regulations on pricing and guiding documents to propose adjustments and improvements to further enhance the effectiveness of price management and control; and organize the effective implementation of price management and control tasks in accordance with their authority, responsibilities, and legal regulations.
Stating that, "we have done a good job communicating about salary increases, electricity prices, tuition fee adjustments... and we need to continue to build on that," the Deputy Prime Minister emphasized the importance of widely communicating information to the public before adjusting the prices of state-managed goods to avoid inaccurate information that could cause public panic.
Control inflation effectively.
According to the Ministry of Finance's report, the average CPI for the first nine months of 2024 increased by 3.88% compared to the same period in 2023. To stabilize the macroeconomy, control inflation according to the National Assembly's target, and implement the roadmap for market pricing of public services and goods managed by the State, since the beginning of the year, the Government, the Prime Minister, and the Deputy Prime Minister - Head of the Steering Committee for Price Management have directed ministries, sectors, and localities to ensure smooth and increased supply of essential goods and services to meet the needs of the people. They have also promptly released national reserves to support and assist people affected by storms and floods, and to accelerate the restoration of agricultural production after the storms…
In the context of Typhoon Yagi causing serious consequences for people's lives, at times leading to shortages of vegetables, fruits, and food, causing localized price increases in some areas, the Government and the Prime Minister promptly issued directives to strengthen the supply of essential goods to serve the people in the affected areas. Along with that, national reserves were promptly released to provide relief and support to the damaged localities, urgently addressing the consequences of the natural disaster, boosting production and business, actively promoting growth, and effectively controlling inflation.
With the coordinated efforts of ministries, departments, and localities, the supply of goods is ensured, and prices at supermarkets remain basically stable. At traditional markets, the prices of some vegetables, pork, and noodles have increased but not drastically, and the supply is guaranteed, so there is virtually no shortage of goods or unreasonable price increases.
The State Bank of Vietnam continues to proactively, flexibly, and effectively manage monetary policy, coordinating synchronously, harmoniously, and closely with fiscal policy and other macroeconomic policies to support economic growth while controlling inflation, contributing to macroeconomic stability, the money and foreign exchange markets, and the banking system. As of October 23, 2024, credit throughout the system increased by 9.28% compared to the end of 2023 and by 16.48% compared to the same period last year. Liquidity is abundant, and there is still much room for credit growth and capital supply for the economy…
Based on the compilation of information and updated forecasts of price trends for important and essential goods, the Ministry of Finance has updated two price management scenarios. Scenario 1 forecasts an average CPI increase of approximately 3.7% in 2024, while Scenario 2 projects an increase of approximately 3.92% compared to 2023, and proposes price management solutions for the remaining months of 2024.
Assuming that the CPI in the remaining months increases at the same rate compared to the previous month, then for the remainder of 2024, the CPI still has room to increase by approximately 0.98 - 1.95% to ensure the target of controlling average inflation in 2024 within the range of 4.0 - 4.5%.
At the meeting, the ministries and agencies that are members of the Steering Committee analyzed several factors affecting price levels in the coming period, concluding that there is still significant room for price management this year, and also put forward several proposals and recommendations for price management in the remainder of 2024.
Source
Comment (0)