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City inflation makes surprise dip   2010-07-21 - Viet Nam News

Women select vegetables at Hang Be market in Ha Noi, where inflation in July remained low. — VNA/VNS Photo Tran Viet

Women select vegetables at Hang Be market in Ha Noi, where inflation in July remained low. — VNA/VNS Photo Tran Viet

 The July consumer price index (CPI) in HCM City has reduced by 0.09 per cent compared to last month, according to the city's Statistics Office.

This was the first month since November 2009 that the city's CPI has declined, Du Quang Nam, head of the office, said on Monday.

Slight reductions were also seen in the prices of houses, electricity, water and construction materials (0.4 per cent), transportation services (1.05 per cent) and post and telecommunication services (0.15 per cent).

Market analysts have attributed this month's CPI decline to various factors including the falling prices of food, construction materials and petroleum. With the onset of the rainy season, construction activity would slow down, reducing demand and, therefore, prices of construction materials, they said.

The prices of beverages and cigarettes increased by 0.1 per cent; garments, hats and footwear by 0.21 per cent; household utensils and appliances by 0.19 per cent; and medicines and health services by 0.05 per cent.

In July, gold prices were up 1.83 per cent last month and the US dollar by 0.43 per cent against the Vietnamese dong.

Still up in Ha Noi

Contrary to HCM City, Ha Noi's CPI in July rose slightly by 0.25 per cent over the previous month, according to the capital city's Statistics Office.

The upward tick was mainly attributed to an 1.8 per cent increase over June in the prices of food and beverages because of prolonged hot weather conditions.

However, the increase in CPI was still low because of a drop in the prices of many kinds of foodstuff as well as transportation services.

Compared with June, food prices in Ha Noi were down by 0.77 per cent thanks to bumper winter and spring rice crops. Transportation fees dropped by 1.06 per cent after fuel prices were adjusted on June 8.

Based on the results from the two major cities in the country, the national CPI for July is estimated to rise by between 0.2 and 0.3 per cent. — VNS

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