Electricity, water, and gasoline prices increase, pushing CPI up 1.36% in July

Gasoline prices were adjusted three times in a row this month (July 3; July 11; July 21), the Government issued Decree 24/2023/ND-CP increasing the basic salary to 1.8 million VND from July 1, 2023, and prolonged hot weather increased the prices of beverages, electricity, and domestic water. These were the main reasons for the Consumer Price Index (CPI) in July 2023 to increase by 1.36% compared to the previous month and 2.13% compared to the same period last year.

Of the 11 main groups of goods and services, 8 groups had price indexes that increased compared to the previous month: Other goods and services increased by 3.9%; Beverages and tobacco increased by 0.25%; Culture, entertainment and tourism increased by 0.7%; Transportation increased by 0.29%; Food and catering services increased by 0.61%; Clothing, hats and footwear increased by 0.13%. Household appliances and equipment increased by 0.12%; Housing, electricity, water and construction materials increased by 6.09%.

There are 3 index groups that did not change compared to the previous month: Medicines and medical services; Education and Post and telecommunications.

On average, in the first 7 months of 2023, the consumer price index increased by 2.54% over the same period last year.

There were 10 groups of goods that increased compared to the same period last year, including: Education increased by 12.97%; Beverages and tobacco increased by 5.81%; Food and catering services increased by 4.46%; Clothing, hats and footwear increased by 2.9%; Other goods and services increased by 3.61%; Household equipment and appliances increased by 2.08%; Housing, electricity, water, fuel and construction materials increased by 2.68%; Culture, entertainment and tourism increased by 1.85%; Medicines and medical services increased by 0.2%; Post and telecommunications increased by 0.1%. Housing, electricity, water and construction materials increased by 2.68%.

There is 1 group of goods that decreased compared to the same period: Transportation decreased by 5.87%.

The gold price index in July 2023 decreased by 0.22% compared to the previous month, up 4.65% over the same period. The average for the first 7 months of 2023 increased by 1.27% over the same period. Domestic gold prices fluctuated in the same direction as world gold prices.

The US dollar index increased by 0.45% compared to the previous month, down 5.64% compared to the same period. The average for the first 7 months of 2023 decreased by 4.27% compared to the same period.

Trade and service activities in July continued to be vibrant during the peak tourist season with many stimulus, connection, trade promotion, and product promotion programs implemented to boost production, helping manufacturers connect with distribution systems and domestic and foreign consumers.

Total retail sales of goods and consumer services revenue in July 2023 is estimated at VND 9,759.7 billion, up 3.57% over the previous month and 15.04% over the same period last year. In the first 7 months of 2023, total retail sales of goods and consumer services are estimated at VND 65,028.8 billion, up 12.19% over the same period last year.