CPI in August stable, inflation increased 0.24%

According to the General Statistics Office, the consumer price index (CPI) in August 2024 was quite stable, with mixed increases and decreases. In particular, food prices, foodstuffs, and rental housing prices increased compared to July, while domestic gasoline prices decreased following world prices.

Compared to December 2023, CPI in August increased by 1.89% and compared to the same period last year increased by 3.45%. On average, in the first 8 months of 2024, CPI increased by 4.04% compared to the same period last year.

Explaining the fact that only the transport group decreased by 1.98% (reducing the overall CPI by 0.19 percentage points), the General Statistics Office explained that the main reasons were: Diesel prices decreased by 7.05%; domestic gasoline prices decreased by 5.83% due to the impact of price adjustments during the month; passenger transport prices by rail decreased by 4.09%; used cars decreased by 0.28%...

In August, core inflation increased by 0.24% compared to the previous month and by 2.53% compared to the same period last year. On average, core inflation increased by 2.71% over the same period in 2023, lower than the average CPI increase (4.04%).

In August, the gold price index increased by 1.93% compared to the previous month; increased by 20.4% compared to December 2023; increased by 31.05% compared to the same period last year. On average, the gold price index increased by 25.54% over the 8 months.

Meanwhile, the USD index decreased by 0.64% compared to the previous month; increased by 3.55% compared to December 2023; increased by 5.86% compared to the same period last year. The average increase in 8 months was 5.85%.

The General Statistics Office's report also shows that in August, total import and export turnover of goods reached 70.65 billion USD, up 0.8% over the previous month and up 13.5% over the same period.

Of which, the export turnover of goods in August reached 37.59 billion USD, up 3.7% compared to the previous month and up 14.5% compared to the same period last year. In the first 8 months, the preliminary export turnover of goods reached 265.09 billion USD, up 15.8% compared to the same period last year. Regarding the structure of export goods, the processed industrial goods group reached 233.33 billion USD, accounting for 88%.

Import turnover of goods in August reached 33.06 billion USD, down 2.4% compared to the previous month and up 12.4% compared to the same period last year. In the first 8 months of 2024, preliminary import turnover of goods reached 246.02 billion USD, up 17.7% compared to the same period.

In the structure of imported goods in the first 8 months of 2024, the group of production materials reached 230.95 billion USD, accounting for 93.9%.

Regarding the import and export market in the first 8 months of the year, the US was Vietnam's largest export market with an estimated turnover of 77.9 billion USD. China was the largest import market with an estimated turnover of 92.3 billion USD.