Petrol prices push CPI up in May

This information has just been announced by the General Statistics Office. Compared to the same period last year, this month’s CPI increased by 2.86%.

The reason comes from the increase in domestic petrol and oil prices in line with world prices, plus the increase in the prices of food, foodstuffs, consumer goods and essential services due to the impact on input materials prices.

Specifically, in May, gasoline and oil price adjustments increased by 5.93% and 3.99%, respectively, making the CPI of the transport group have the highest rise with 2.34%. This has a significant impact on the overall CPI.

The group of culture, entertainment and tourism increased by 0.74% due to the return of people’s travel and resort demand. The group of beverages, tobacco or food products also had price adjustments due to increased input materials, transportation…

The increase in the price index of many commodity groups in the month was the reason why the average CPI in the first 5 months increased by 2.25% over the same period last year. However, this level is lower than the growth rate of the first 5 months of the year 2017-2020. Core inflation increased by 1.1%, lower than the general average CPI, according to the General Statistics Office, which reflects fluctuations in consumer prices mainly due to food and petrol prices.

The domestic gold price in May also fluctuated in the same direction as the world price. As of May 25, the average world gold price was at $1,845 an ounce, down 4.6% month-on-month due to a stronger dollar and rising bond yields, reducing the attractiveness of gold. Domestically, the gold price index in May decreased by 0.52% compared to the previous month.

Duc Minh