The Consumer Price Index (CPI) for May 2023 rose by 0.01% compared to the previous month, according to the General Statistics Office. Compared to December 2022, the CPI increased by 0.4%, and compared to the same period last year, it rose by 2.43%. The latest report from the General Statistics Office on the economic and social situation reveals that the price of food and household goods increased, while electricity and water prices rose due to prolonged hot weather, contributing to the rise in the CPI for May 2023.
During the first five months of 2023, the CPI increased by 3.55% compared to the same period last year, and the core inflation rate rose by 4.83%.
Regarding the 0.01% increase in the CPI for May 2023 compared to the previous month, eight groups of goods and services experienced price increases, while three groups saw price decreases.
Specifically, the eight groups with price increases include:
- Housing and construction materials, which recorded the highest increase at 1.01%. This was mainly due to prolonged hot weather, leading to increased electricity consumption, with household electricity prices rising by 2.62% in May 2023 compared to the previous month, and water prices increasing by 2.19%.
- Furthermore, the price of domestic gas increased by 0.31% compared to the previous month, following a domestic price adjustment of 2,000 Vietnamese dong per 12kg canister, driven by a $5/ton increase in global gas prices (from $550/ton to $555/ton).
- On the other hand, the price of kerosene decreased by 5.93% compared to the previous month due to price adjustments on May 4th, 11th, and 22nd, while the price of housing maintenance materials decreased by 0.15% due to a drop in global iron ore prices.
- The group of culture, entertainment, and tourism increased by 0.24% compared to the previous month. Specifically, the price of packaged travel services increased by 0.67%, and accommodation prices rose by 0.38% due to the extended holiday period from April 30th to May 1st, resulting in a higher demand for tourism.
- The group of food and dining services increased by 0.24%, contributing to an overall CPI increase of 0.08 percentage points. Within this group, food prices rose by 0.29% (contributing to a 0.01 percentage point increase in CPI), and dining out increased by 0.26% (contributing to a 0.02 percentage point increase in CPI), driven by the hot weather and the extended holiday period from April 30th to May 1st, which led to increased consumer demand.
- The group of other goods and services increased by 0.23%, mainly driven by personal items with a 0.46% increase, body care products with a 0.33% increase, personal care services with a 0.29% increase, and funeral services with a 0.22% increase.
- The group of appliances and household goods increased by 0.16% due to increased consumer demand resulting from hot weather. Specifically, the prices of air conditioners increased by 0.61% compared to the previous month, electric fans by.