August 1, 2008

Vietnam’s CPI Estimated to Grow 2 Pct Next Month

Vietnam's CPI estimated to grow 2 pct next month

HANOI, July 31 (Xinhua) -- Vietnam's consumer price index (CPI) is forecast to rise by 1.8-2 percent next month against this month, partly due to effects of the country's recent petroleum retail price hike, local newspaper Saigon Liberation reported Thursday.

In August, input cost for coal production is estimated to climb by 2.93 percent, cement by 2.24 percent, construction steel by 0. 61 percent, electricity by 0.8 percent, river-way transport by 6.5- 7 percent, railway transport by 4-5 percent, and automobile transport by 5-14 percent. Taxi fares have already increased, but prices of most of essential goods have remained stable.

On July 21, Vietnam raised its retail price of standard petroleum by 31 percent, mainly to lower state subsidy and prevent smuggling of the product to neighbor countries.

The CPI in the first seven months of this year is estimated to rise 21.28 percent year-on-year, according to the country's General Statistics Office.

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