Compared to December 2022, CPI in May 2023 increased by 0.4% and compared to the same period last year increased by 2.43%. On average, in the first 5 months of 2023, CPI increased by 3.55% compared to the same period last year; core inflation increased by 4.83%.
Compared to the previous month, CPI in May 2023, urban areas increased by 0.02%; rural areas remained unchanged). Of the 11 main consumer goods and services groups, 8 groups increased in price compared to the previous month and 3 groups decreased in price.
The General Statistics Office also pointed out that the consumer price index from the beginning of the year to now compared to the same period last year has tended to decrease gradually; in which, the CPI in January 2023 increased the highest with 4.89%, February 2023 increased by 4.31%, March 2023 increased by 3.35%, April 2023 increased by 2.81% and by May 2023 the increase was 2.43%.
The main reason is that domestic gasoline prices have decreased following world prices, causing the price index of the transportation group to continuously decrease compared to the same period last year, from a decrease of 0.18% in February 2023 to a sharp decrease of 8.94% in May 2023. On average, in the first 5 months of 2023, the CPI increased by 3.55% compared to the same period in 2022.
Customers shop at Co.opmart supermarket in Hanoi. Photo: Tran Viet/VNA
Accordingly, the factors that increased the CPI in the first 5 months of 2023 include: the average price index of the education group in the first 5 months of 2023 increased by 8.39% over the same period last year because some localities increased tuition fees again from September 2022 after exempting or reducing tuition fees in the 2021-2022 school year to share difficulties with people during the pandemic, causing the CPI to increase by 0.52 percentage points.
The housing and construction materials group increased by 6.62% over the same period last year, causing the CPI to increase by 1.25 percentage points, due to the increase in prices of cement, iron, steel, and sand following the increase in input materials and housing rental prices. The price index of the culture, entertainment, and tourism group increased by 4.03% due to the control of the COVID-19 epidemic, increasing people's demand for entertainment and tourism , causing the CPI to increase by 0.18 percentage points.
Food prices increased by 3.8%, mainly due to increased consumer demand during holidays and Tet, causing the CPI to increase by 0.81 percentage points. Household electricity prices increased by 2.59% due to increased electricity demand, causing the CPI to increase by 0.09 percentage points. Domestic rice prices increased by 2.37% following the export price of rice, causing the CPI to increase by 0.06 percentage points.
In addition to the factors that increased the CPI, there were also factors that decreased the CPI in the first 5 months of 2023, including: domestic gasoline prices decreased by 15.27% compared to the same period last year due to fluctuations in world prices, causing the overall CPI to decrease by 0.55 percentage points. Domestic gas prices decreased by 8.51% following world prices, causing the CPI to decrease by 0.12 percentage points. The price index of the postal and telecommunications group decreased by 0.32% due to the decrease in the price of old-generation phones, causing the CPI to decrease by 0.01 percentage points.
In May 2023, the gold price index increased by 1.02%. Accordingly, domestic gold prices fluctuated in the same direction as world gold prices. As of May 25, 2023, the average world gold price was at 2,005.44 USD/ounce, up 0.06% compared to April 2023 due to concerns about financial system instability and signs of economic recession. In addition, world gold prices increased sharply after the US Federal Reserve (Fed) decided to raise interest rates for the 10th consecutive time on May 3, 2023, increasing the base interest rate by 0.25 percentage points to 5 - 5.25%, the highest since the summer of 2007.
Domestically, the gold price index in May 2023 increased by 1.02% over the previous month; increased by 3.97% over December 2022; increased by 0.44% over the same period last year; the average for the first 5 months of 2023 increased by 0.62%.
The US dollar index fell 0.11%. Globally, the US dollar (USD) fluctuated between increases and decreases after the Fed raised interest rates and uncertainty about raising the US debt limit to prevent default. As of May 25, 2023, the US dollar index in the international market reached 102.28 points, up 0.78% compared to the previous month.
Domestically, the average US dollar price in the free market is around 23,640 VND/USD. The US dollar price index in May 2023 decreased by 0.11% compared to the previous month; decreased by 2.37% compared to December 2022; increased by 1.73% compared to the same period last year; the average in the first 5 months of 2023 increased by 2.91%.
The General Statistics Office pointed out that core inflation in May 2023 increased by 0.27% compared to the previous month, up 4.54% compared to the same period last year. On average, in the first 5 months of 2023, core inflation increased by 4.83% compared to the same period in 2022, higher than the average CPI (up 3.55%). The main reason is that the average domestic gasoline price in the first 5 months of 2023 decreased by 15.27% compared to the same period last year, the gas price decreased by 8.51%, which is a factor that restrains the growth rate of CPI but belongs to the group of goods excluded from the list of core inflation calculations.
According to VNA/Tin Tuc Newspaper
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