Consumer price index in October increased slightly compared to the previous month

The General Statistics Office has just announced on the morning of October 29, the Consumer Price Index (CPI) October 2023 increased by 0.08% compared to the previous month due to the fact that some localities increased tuition fees and domestic rice prices increased following export rice prices.

Compared to December 2022, CPI in October 2023 increased by 3.2% and compared to the same period last year increased by 3.59%.

On average, in the first 10 months of 2023, CPI increased by 3.2% over the same period last year; core inflation increased by 4.38%.

According to the General Statistics Office, in the 0.08% increase in CPI in October 2023 compared to the previous month, there were 9 groups of goods and services with increased price indexes and 2 groups of goods with decreased price indexes.

Specifically, 9 groups of goods and services had price index increases, including: the education group had the highest increase of 2.25% (making the general CPI increase by 0.14 percentage points); in which the price of educational services increased by 2.54% due to some localities increasing tuition fees for preschool and general education institutions in the area.

The housing and construction materials group increased by 0.27% (making the overall CPI increase by 0.05 percentage points) due to a 4.72% increase in gas prices; a 0.48% increase in tap water prices; and a 0.29% increase in home repair service prices.

On the other hand, the price of housing maintenance materials decreased by 0.09% due to the decrease in steel prices; the price of household electricity decreased by 0.79% due to the decrease in consumer demand during the rainy season and cool weather; the price of kerosene decreased by 0.58% mainly due to the impact of price adjustments on October 2, October 11 and October 23.

The group of other goods and services increased by 0.21%, mainly focusing on body care products up 0.22%; jewelry up 0.64%; watches up 0.53%; hair cutting and shampooing services up 0.49%...

The beverage and tobacco group increased by 0.15% due to the increase in raw material prices for beverage production and the USD exchange rate.

Specifically, the price of alcohol and beer increased by 0.2%; fruit juice increased by 0.17%; carbonated soft drinks increased by 0.05% and cigarettes increased by 0.04%.

The food and catering services group increased by 0.06%; of which, food increased by 0.9%; food decreased by 0.14%; eating out increased by 0.21%.

The group of household appliances and equipment increased by 0.03%, mainly focusing on items such as: prices of motorized household appliances increased by 0.38%; voltage stabilizers increased by 0.13%; blenders and fruit juicers increased by 0.55%...

On the contrary, the price index of 2 groups of goods and services decreased, including: the post and telecommunications group decreased by 0.11%, mainly in the telephone equipment group (down 0.31%).

The transportation group decreased by 1.51% (making the overall CPI decrease by 0.15 percentage points). The main reason was that gasoline prices decreased by 4.59%; diesel prices decreased by 0.73% due to the impact of domestic gasoline price adjustments on October 2, October 11 and October 23; prices of new cars, motorbikes and used cars decreased by 0.12%; 0.02% and 0.11% respectively.

Also in October, domestic gold prices fluctuated in the opposite direction to world gold prices. As of October 25, 2023, the average world gold price was at 1,909.36 USD/ounce, down 2.11% compared to September 2023 due to the trend of the USD exchange rate and US Treasury bond yields increasing when the US Federal Reserve (FED) maintained its stance of keeping interest rates high to pull inflation back to 2%.

Domestically, the gold price index in October 2023 increased by 0.92% over the previous month; increased by 5.87% over December 2022; increased by 8.28% over the same period last year; the average for the first 10 months of 2023 increased by 2.81%.

Worldwide, the price of the USD tends to increase as many signs show that the US economy is standing firm against interest rate hikes as part of the Fed's campaign to curb inflation.

Additionally, ongoing geopolitical tensions in the Middle East have investors turning to the USD as a safe haven.

As of October 25, the USD index on the international market reached 106.02 points, up 1.35% over the previous month.

Domestically, the average USD price on the free market is around 24,582 VND/USD.

USD price index in October 2023 increased by 1.2% compared to the previous month; increased by 1.56% compared to December 2022; increased by 1.79% compared to the same period last year; average increase of 10 months of 2023 by 2.24%.

The General Statistics Office also pointed out that core inflation in October 2023 increased by 0.09% over the previous month and by 3.43% over the same period last year.

On average, in the first 10 months of 2023, core inflation increased by 4.38% over the same period in 2022, higher than the average CPI increase (up 3.2%).

The main reason is that the average domestic gasoline price in the first 10 months of 2023 decreased by 13.24% compared to the same period last year, the gas price decreased by 8.55%, which is a factor that restrains the CPI growth rate but belongs to the group of goods excluded from the list of basic inflation calculations.