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July CPI rise lowest for 7 years   2010-07-26 - Viet Nam News

The July Consumer Price Index (CPI) rose 0.06 per cent against June - the lowest rise for the seventh month since 2004 and the lowest so far this year.

General Statistics Office figures issued at the weekend also show that the price of just eight of 11 commodities increased.

But inflation to July was 8.67 per cent higher than for the same seven months of last year.

It has increased 4.87 per cent since December 2009.

The General Statistics Office statistician responsible for pricing and the market Do Thi Ngoc said an increased supply of rice - a major commodity- following a bumper rice crop and a halt to exports, had lowered the JUly CPI by its cost fell an estimated 1 per cent.

Falls in petrol and oil prices as well insignificant rises in both the HCM City and Ha Noi CPI had also helped.

The cost of transport had declined 0.94 per cent; housing and construction materials 0.47 per cent and post and telecommunications 0.07 per cent.

Catering and associated services increased 0.21 per cent but the decline of food, 0.97 per cent, had created a dramatic impact on the CPI’s fall. Drinks and tobacco increased 0.41 per cent and household goods and appliances 0.39 per cent. Textiles, garments and shoes posted an 0.35 per cent increase.

The cost of educational products and services rose just 0.11 per cent despite crowded college and university entrance exams in July.

But the General Statistics Office statistican warned that approaching storm season with its unpredictably could cause an imbalance between demand and supply and higher prices during the remainder of the year.

The official recommended that major cities, especially Ha Noi and HCM City, continue their efforts to stabilise the prices of essential goods and the Government proceed with flexible measures to manage the macro-economy.

The gold price jumped 2.15 per cent from June in July and 35.86 per cent against the same months of 2009.

The cost of US dollar was up 0.38 per cent against June and 5.04 per cent against the same months of last year after commercial banks raised their deposit interest rates and boosted the purchase of the currency.

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