HCM City sees modest CPI increase in July

23/07/2008 -- 11:02 AM

HCM City (VNA) – Ho Chi Minh City ’s consumer price index (CPI) was up only 0.54 percent in July, the lowest increase since the beginning of this year, according to the city’s Statistic Department. The city’s July CPI rose by an accumulated 17.11 percent compared to January and 25.14 percent over the same period last year. Food and restaurant services saw a price hike of 27.8 percent, while gold price surged 21.3 percent and price of the US dollar, 6.91 percent from the beginning of the year. Economic experts said that the slight increase in July was only temporary, attributing it to the government’s interference policies and efforts by retail enterprises to stabilise the market. In the long term, they forecast great fluctuations due to changing prices that the market would see changeable prices of petroleum and rice in the world, which will impact the prices of imported goods. Besides, cattle and poultry epidemics, bank interest rates and petrol price hike will also affect on commodities’ prices. In order to control inflation, the city has worked out measures to ensure balance of goods’ demand and supply and help enterprises reduce production and management costs and improve productivity.-Enditem
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