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September CPI sees highest rise since May 2011

Update: September, 25/2012 - 11:12

HA NOI (VNS)— The country's consumer price index (CPI) in September made the highest rise since May 2011, surging 2.2 per cent from August due to a huge spike in the cost of medicine, health-care services and education, according to the General Statistics Office (GSO).

September's index rose 6.48 per cent over the same period last year and 5.13 per cent against December 2011, GSO reported, adding that all of the 11 baskets of goods that are used to calculate the country's CPI data surged this month.

The highest price hikes were seen in medicine, health-care services and education in light of the Government's decisions to raise the prices of products and services from this month.

The biggest price hike - 17.02 per cent - was seen in medicine and health-care services, of which health-care services surged 23.87 per cent. Higher prices of medicine and health-care services alone added 0.95 per cent to the country's CPI rise in September.

With a price hike of 10.54 per cent, education also added 0.6 per cent to this month's CPI rise.

Director of the GSO's Consumer Price Index Department Nguyen Duc Thang said that the prices of medicine, health-care services and education, which are controlled by the Government, were rising too fast.

However, Thang said, the CPI would be still kept at a single digit this year as targeted by the Government as this month's CPI rise was not because of an imbalance in goods supply and demand or a monetary policy. The country still saw a high inventory and a slow credit growth of only 1.4 per cent as of end-August.

Thang explained that the price hike of medicine, health-care services and education would affect the CPI only one time and would not continue next months.

GSO reported that due to the recent petrol price hikes, transportation prices also rose 3.83 per cent while housing and construction material prices climbed 2.18 per cent.

Not included in the CPI components, gold prices in September rose 5.25 per cent on-month while US dollar prices in the month edged up by 0.06 per cent on-month.

With this month's rise, experts were concerned that inflation would continue in the last months of the year and warned the relevant ministries to take a close look at it to avoid high inflation next year. — VNS

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