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Local banks raise 2013 CPI expectation to 6.77pct

Local banks raise 2013 CPI expectation to 6.77pct

Friday, August 23, 2013, 18:30 GMT+7

Local credit institutions have raised their expectation for the consumer price index (CPI) in 2013 to 6.77 percent in a recent survey conducted by an agency under the State Bank of Vietnam (SBV).

It is a 0.25 percent increase from the survey conducted by the central bank in June this year, according to the Monetary Forecast and Statistics Department.

The new expectation has surpassed the target of 6-6.5 percent set by the Government in the Resolution 01/2013/ND-CP early this year. All the surveyed banks also expected that the CPI in may rise 7.19 percent over the same period last year.

The CPI surge in August is affected by the adjustment of electricity prices, medical fees, fuel prices and gas prices, rising food prices due to intense weather conditions.

The fact that world fuel prices tend to rise and a seasonal factor, millions of local students across the nation are preparing to enter the new school year, are also taken into account.

Over three quarters of the polled banks said the possible price adjustment of items managed by the State continued to be the most influential factor for the CPI changes in the third quarter of 2013 and the whole year.

The Ministry of Finance early this month also directed its local arms to control prices in their localities. The ministry also admitted there will be many factors putting a pressure on the price index by the end of this year as the world oil price and local medical services can soar.

Accordingly, the provinces must closely follow market prices and changes CPI to take timely measures to stabilize prices. Particularly, localities suffering from recent floods should be promptly taken measures to stabilize prices for essential goods.

In addition, the Ministry of Finance also asked its local arms to keep an eye on those taking advantages of good shortage to hike price unreasonably.

The August CPI in HCMC rose 0.31 percent from the previous month, according to municipal Department of Statistics.

Thus, the CPI has risen 1.26 percent from the end of last year and 3.17 percent compared with the same period last year.

Among 11 groups of goods and services used for the CPI calculation, the group of transportation marked the strongest rise with 1.24 percent. The fuel price hike by the end of July is considered as the main factor for the surge.

The CPI in the capital city of Hanoi leaped 3.1 percent in August, led by the group of medical services with 63.94 percent. This pushed the CPI of Hanoi to 5.19 percent from the end of last year.

The release of the CPI in the two biggest cities of Vietnam one day earlier made the VN-Index fallen 6.21 points (-1.22 percent) to 504.81 points, while the HNX-Index lost 0.28 points (-0.44 percent) to 62.65 points on Tuesday.



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