Slower inflation helps boost retail sales
HA NOI — The country's retail sales value of goods and services last month increased 1.92 per cent over the previous month to nearly VND167.6 trillion (US$8.56 billion), thanks to a continuous deceleration of the Consumer Price Index (CPI), according to the General Statistics Office (GSO).
Vu Manh Ha, a GSO expert, said that the CPI slowdown in October, which reduced prices of certain consumer goods, contributed significantly to the surge in retail sales value. Last month was the third consecutive month that the CPI growth rate went down. The General Statistics Office reported that CPI last month surged only 0.36 per cent against September, the lowest level since July 2010.
October's figure lifted the total retail sales value of goods and services in the first 10 months of the year to VND1,561 trillion ($75.48 billion), up 23.1 per cent over the same period last year. However, considering the inflation, the surge was only 3.9 per cent, much lower than the rate of 15 per cent in the first 10 months of last year. The 3.9 per cent rise has been unchanged since August and equal to only half of the increasing rate in the first seven months of the year.
With a growth rate of more than 23.3 per cent during the first 10 months, the commercial and hotel-restaurant sectors contributed more than 90 per cent of the nation's total consumption revenue.
Ha projected that the growth rate would be higher in the next two months, explaining that CPI was continuously decreasing and that consumption demand often increased significantly at the end of the year during the holiday season.
Last year, the country's total retail sales value of goods and services jumped by 24.5 per cent against the previous year to VND1,561 trillion ($74.3 billion). — VNS