Inflation soars in major cities

HA NOI — Inflation surged dramatically in the nation's two largest cities in November, according to figures released on Saturday.

According to the Ha Noi Statistics Office, the consumer price index in the capital city soared to 11.41 per cent over the same period last year, an increase of 1.93 per cent in just a single month – its most dramatic increase in the past nine months.

The cost of eating rose most dramatically, with food prices jumping by an astonishing 6.26 per cent and the cost of eating out 3.98 per cent. The costs of housing, electricity, water and fuel all rose by over 2 per cent.

Economic experts attributed the price hikes to rising demand for goods and services during the final months of the year, as well as the negative impacts of floods in the central region.

Inflation in HCM City also shot up by 9.13 per cent in November, compared to the same period last year, with prices increasing by 1.73 per cent over October, according to the deputy director of the General Statistics Office of HCM City, Nguyen Duc Tri.

The one-month increase represented the largest this year.

Food prices also led the inflationary surge in HCM City, with staples like rice and flour rising 6.64 per cent in November, and vegetables alone 13.49 per cent. The price of sugar rose by over 5 per cent and the cost of eggs over 2.5 per cent.

The cost of renting a home in November rose by 4.28 per cent, while the cost of cooking gas soared by 5.4 per cent and the cost of fuel 3.48 per cent.

Inflation was predicted to continue surging through Tet (lunar new year) due to rising demand, bad weather and disease outbreaks in several provinces around the country.

Source:   vnagency.com.vn