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Holiday season drives prices up

Update: January, 03/2014 - 09:14
Buyers shop at Big C in Ha Noi. The municipal Department for Industry and Trade strictly monitors the supply and demand of essential goods in the capital city to keep market prices stable during the Tet holiday. – VNS Photo Thai Ha

HA NOI (VNS)— The consumer price index (CPI) in the capital in January – during the Lunar New Year (Tet) holiday – will climb roughly 1.1 per cent due to high demands.

According to the Ha Noi Department for Industry and Trade, the CPI increase during the nation's largest festival will be driven by price hikes of essential consumer goods, which are likely to increase 10 per cent during the Tet holiday.

Also, rice prices are predicted to rise 5 per cent, especially the price of high-quality rice and sticky rice. Currently, the price of rice is on the rise due to growing demands in the capital's market and a 10-20 per cent decrease in rice output from the summer-autumn crop.

High demands will also push the price of chicken, pork and beef to surge between 5-10 per cent.

Despite good weather and an abundant supply of crops, the price of vegetables is also expected to experience a sharp increase of 10-15 per cent.

The department, however, is strictly monitoring the supply and demand of essential goods in the capital city to keep market prices stable during the Tet holiday.

It will also operate trade centres and wholesale markets to ensure a balance is maintained between supply and demand.

Current economic difficulties, which caused residents to tighten their spending, have led to a dramatic fall of 0.34 per cent in food prices in December 2013 – the lowest level in the last decade. — VNS



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