Gasoline and gas prices set a record, causing the CPI to rise in 4 months

The consumer price index (CPI) increased by 0.18% in April 2022 compared to the previous month; an increase of 2.09% compared to December 2021 and an increase of 2.64% compared to the same period last year.

According to data published by the General Statistics Office on April 29, the consumer price index (CPI) increased slightly by 0.18% in April 2022 compared to the previous month; an increase of 2.09% compared to December 2021 and an increase of 2.64% compared to the same period last year.

On average, the consumer price index (CPI) rose 2.1% in the first 4 months of 2022 compared to the same period last year, higher than the 0.89% increase in the first 4 months of 2021 but lower than that increase of 4 months. the first month of 2017-2020 (the growth rate of the consumer price index in the first 4 months of 2017-2020 compared to the same period last year is: 4.8% increase; 2.8% increase; 2.71% increase); up 4.9%, core inflation up 0.97%.

Gasoline and Gas Prices Set Record Leading to CPI Rising in 4 Months - Photo 1.

The rate of increase and decrease of the CPI in April and in the 4 months of the years 2018-2022. Photo: General Statistical Office.

The rising priced commodity group that propelled CPI higher compared to the previous month was Beverages & Tobacco: +0.22%; Housing and building materials increased by 0.58% (in this group, the price of housing maintenance materials increased the most, with 2.02% due to the increase in the price of steel, when the prices of raw materials from iron ore, scrap steel … rose sharply; the Die Prices of input materials in cement production such as gasoline and coal increased, and prices of some other building material products such as stone, sand, building brick, etc. also increased sharply.

Equipment and Household Appliances Group up 0.32%; the group of medicines and medical services increased by 0.03%; Culture, entertainment and tourism groups increased by 1.16%; the education group increased by 0.96%; Other goods and services group up 0.18%; gold price index rose 0.73%; The USD price index rose by 0.07%.

Among 11 groups of goods, only the price index of 2 groups decreased: food and food services (minus 0.05%); Traffic: down 0.59%.

Also according to the General Bureau of Statistics, core inflation (CPI excluding food, fresh food, energy and items managed by government, including health and education services) rose 0.44% month-on-month in April 2022, up 1.47% in the same period of the previous year.

The factors increasing the CPI in the first 4 months of 2022, according to the General Bureau of Statistics, are the gasoline prices adjusted 10 times, causing the A95 gasoline prices to increase by VND4,700/liter; E5 gasoline price increased by VND 4,580/liter and diesel oil price increased by VND 7,780/liter.

On average, domestic gasoline prices rose 48.84% in the first four months of the year compared to the same period last year, forcing the CPI to rise 1.76 percentage points overall.

At the same time, domestic gas prices fluctuated in line with world gas prices, gas prices rose 24.6% in the first 4 months from the same period last year, contributing to a total CPI increase of 0.36 percentage points.

In the first four months of the year, the price of building materials increased by 8.51% compared to the same period last year, as prices of cement, iron, steel and sand rose in line with commodity prices.

The General Statistics Office also pointed out that in April 2022, core inflation rose by 0.44% month-on-month, representing an increase of 1.47% compared to the same period last year. On average, core inflation rose by 0.97% in the first 4 months of 2022 compared to the same period in 2021, below the overall average consumer price index (up 2.1%). This mainly reflects fluctuations in consumer prices. due to food and grocery prices and gasoline and oil prices.

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