With prices soaring, people in Nghe An are tightening their spending.

On average, Mrs. Trinh Thi Hoa Hop (Hung Loc commune, Vinh City) goes to the market once every two days to buy food for her family. As someone who frequently goes to the market and does the shopping herself, price fluctuations have a significant impact on her family's spending.

“Since June, when the announcement of the increase in the minimum wage was made, prices have already jumped a step ahead. Then came storms and floods, causing shortages of some goods like vegetables and price increases. Even now, gasoline prices have been adjusted downwards, and production has stabilized after the storms, but prices of goods remain stagnant, not to mention some items are on an upward trend,” Ms. Hop reflected.

According to surveys at local markets, pork prices continue to increase slightly, by about 5,000 - 10,000 VND/kg (depending on the type) compared to the beginning of September. Specifically, pork ribs are priced at 150,000 VND/kg (an increase of 10,000 VND/kg compared to last month and 20,000 VND/kg compared to four months ago); pork belly is priced at 155,000 VND/kg (an increase of 10,000 VND/kg compared to last month), and pork shoulder, loin, and rump are priced at 140,000 VND/kg (an increase of 10,000 VND/kg compared to last month).

In addition, poultry eggs such as chicken and duck eggs have increased by 200-300 VND/egg. Specifically, free-range chicken eggs are priced at 45,000 VND/dozen (an increase of 5,000 VND/dozen), farm-raised chicken eggs at 35,000 VND/dozen (an increase of 3,000 VND/dozen), and grade 1 duck eggs at 35,000 VND/dozen (an increase of 2,000 VND/dozen).

The item with the most fluctuating prices remains green vegetables. Currently, vegetable prices in markets are still high, especially after the storms from September until now. Leafy green vegetables have nearly doubled in price compared to before, while root vegetables have increased by 5,000 - 7,000 VND/kg.

According to rice retailers in the province, retail rice prices have increased by 1,000 - 3,000 VND/kg. Specifically, regular rice is priced at 16,000 - 18,000 VND/kg, Nang Hoa rice at 21,000 - 23,000 VND/kg, Dai Thom rice at 20,000 - 23,000 VND/kg, and ST25 rice at 30,000 - 43,000 VND/kg... According to traders, the impact of weather and disease outbreaks has reduced supply, and increased transportation and labor costs have led to a continuous increase in rice prices recently.

Due to the persistently high prices of many fresh food items at the market, food establishments have also adjusted their prices upwards. Accordingly, from the beginning of September until now, the price of a breakfast meal (noodles, pho, soup, or rice noodles, sticky rice) has increased by 3,000 - 5,000 VND; boxed meals and individual meals have also increased by 5,000 - 7,000 VND per serving.

According to a report from the Nghe An Provincial Statistics Department, the consumer price index (CPI) in the first nine months of 2024 increased continuously, far exceeding the rate of increase in average income. This disparity puts consumers in a difficult situation, forcing them to change their shopping and spending habits.

"After nearly 20 years of service, my current salary is only around 7 million VND per month, and even with allowances, it's only approximately 10 million VND. Income has increased, but not significantly, forcing me to cut back on spending and limit shopping," shared Ms. Tran Nguyen Binh, a civil servant in Vinh City.

Cutting spending has led to a sharp decline in market purchasing power, making it difficult for traditional markets to do business, and many supermarkets have also seen a drop in sales.

“People are tightening their spending due to rising prices, leading to a sharp decline in purchasing power. Previously, when meat prices were only 90,000-110,000 VND/kg, we could sell 100kg of meat a day. Now, with prices increasing by 20,000-30,000 VND/kg, sales have dropped sharply, to only 50% of what they were before. Less sales mean less profit,” said Ms. Hoang Thi Phuong, a small trader selling various types of meat at Quang Trung Market (Vinh City).

Most recently, from the beginning of October until now, in the latest price adjustments, electricity, gasoline, and gas prices have increased sharply. Specifically, on October 11th, the Vietnam Electricity Group (EVN) adjusted electricity prices upwards to 2,103.11 VND/kWh (excluding VAT), effective from October 11th. This adjustment is equivalent to a 4.8% increase compared to the current average retail electricity price. In the most recent price adjustment (October 10th), gasoline and diesel prices also increased by over 1,000 VND/liter, and gas prices have also increased three times consecutively, with the most recent adjustment in early October seeing an increase of 6,000-10,000 VND per 12kg gas cylinder. These escalating prices are causing considerable concern among consumers.

Regarding trends in the coming months, with the end of the year approaching Tet (Lunar New Year), consumer demand will increase, and the prices of some fresh food items will tend to rise. To ensure stability, relevant agencies need to monitor market developments and prices closely, grasping the supply and demand situation in order to promptly implement management solutions.

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On average, in the first nine months of 2024, the consumer price index increased by 3.39% compared to the same period last year. Nine out of eleven commodity groups increased year-on-year, including: Housing, electricity, water, fuel and building materials (up 9.21%); Other goods and services (up 6.93%); Medicines and medical services (up 5.52%); Food and catering services (up 3.62%); Beverages and tobacco (up 1.67%); Culture, entertainment and tourism (up 1.38%); Household equipment and appliances (up 1.22%); Clothing, hats and footwear (up 0.53%); and Education (up 0.41%).

Two product groups saw a decrease compared to the same period last year: Transportation, down 0.41%, and Postal and Telecommunications, down 0.35%.