According to the General Statistics Office, in the first 9 months of 2024, core inflation increased by 2.69% – much lower than the target of 4-4.5% set by the National Assembly.

At a press conference announcing socio-economic data for the third quarter on the morning of October 6, General Director of the General Statistics Office Nguyen Thi Huong said that the consumer price index (CPI) in September 2024 increased by 0.29% compared to the previous month. Compared to December 2023, the CPI in September increased by 2.18% and compared to the same period last year, it increased by 2.63%.

The average CPI in the third quarter of 2024 increased by 3.48% compared to the third quarter of 2023. In the first 9 months of this year, the CPI increased by 3.88% compared to the same period last year; core inflation increased by 2.69%. This figure is much lower than the average increase of 4.04% in the first 8 months of this year.

The General Statistics Office explained that the high price of food and foodstuffs in provinces and cities directly affected by storms and storm circulation, some localities implementing tuition fee increases according to the roadmap, and increasing housing rental prices are the main reasons for the CPI increase.

In the 0.29% increase in CPI in September 2024 compared to the previous month, there were 9 groups of goods and services with increased price indexes and 2 groups of goods with decreased price indexes.

Specifically, the education group increased by 2.09% in September, of which the price of educational services increased by 2.33% due to some localities adjusting tuition fees applicable for the 2024-2025 school year. In addition, September is the beginning of the new school year, so the demand for school supplies increases.

The food and catering services group increased by 0.92%, causing the overall CPI to increase by 0.31 points. Of which, food increased by 0.77%; foodstuff increased by 1.06% (causing the overall CPI to increase by 0.22 points); eating out increased by 0.65%.

The housing, electricity, water, fuel and construction materials group increased by 0.52% due to a 0.42% increase in house rent; a 0.37% increase in household electricity prices; a 0.16% increase in household water prices; and a 1.45% increase in gas prices. On the other hand, kerosene prices decreased by 6.97% compared to the previous month.

The group of other goods and services increased by 0.24%. Of which, the price of jewelry increased by 1.65% following the world gold price.

The garment, hat and footwear group increased by 0.15% due to increased labor costs and shopping needs at the start of the new school year.

The group of household appliances and equipment increased by 0.14% due to increased labor costs and demand for household appliances when heavy rains and floods occurred in many localities

On the other hand, some electronic and refrigeration products have lower prices compared to last month because many stores and supermarkets continue to apply shopping stimulus programs.

The post and telecommunications group increased by 0.09%. Of which, the price of regular mobile phones increased by 0.33%; the price of phone repairs increased by 0.19%. In contrast, the price of smart mobile phones and tablets decreased by 0.74% due to some stores applying promotional programs to stimulate demand for old models.

The group of medicines and medical services increased by 0.05% due to the rainy and stormy weather and the change of seasons, so people’s demand for pain relievers, fever reducers, respiratory medicines, vitamins and minerals increased.

The beverage and tobacco group increased by 0.03% due to increased raw materials for beverage production and labor costs.

The price index of two groups of goods and services decreased. Of which, the culture, entertainment and tourism group decreased by 0.24% because the demand for tourism is no longer as high as in peak months.

The transportation group decreased by 2.77%, contributing to a decrease in the overall CPI of 0.27 percentage points, mainly due to: Diesel oil price decreased by 8.41%; domestic gasoline price decreased.