According to the statistics agency, core inflation in August 2023 increased by 0.32% over the previous month, increased by 4.02% over the same period last year.

According to a report released by the General Statistics Office, petrol and oil prices, domestic rice prices increasing in line with world prices; rental housing prices increasing due to greater demand are the main reasons for the increase of 0.88% in consumer price index (CPI) in August 2023  compared to the previous month. Compared to December 2022, August CPI increased by 2.02% and 2.96% over the same period last year.

In the 0.88% increase of CPI in August 2023 compared to the previous month, there were 10 groups of goods and services with an increase in price index, and a group of goods with a decrease in price index.

10 groups of goods and services with an increase in price index include: Transportation group with the highest increase of 3.85%; the education group with an increase of 0.96%; housing and building materials group with an increase of 0.85%; food and food service groups with an increase of 0.78%; beverage and tobacco group with an increase of 0.28%.

Besides, the group of other goods and services with an increase of 0.22%; garment, hat and footwear group with an increase of 0.19%.

Equipment and household appliances group with an increase of 0.10%; culture, entertainment and tourism groups with an increase of 0.09%; group of drugs and medical services with an increase of 0.03%.

Particularly, the post and telecommunications group decreased by 0.17% due to the decrease in the price of mobile phones and landlines.

According to the statistics agency, core inflation in August 2023 increased by 0.32% over the previous month, increased by 4.02% over the same period last year.

On average, in the first eight months of 2023, core inflation increased by 4.57% over the same period in 2022, higher than the overall average CPI growth (an increase of 3.1%). This is also the highest increase since 2015.

According to the General Statistics Office, the main reason is that the average domestic gasoline and oil prices in the first eight months of 2023 decreased by 17.56% compared to the same period last year, gas prices decreased by 11.3%, which is a factor restraining the growth rate of CPI but belonging to the group of goods excluded from the core inflation calculation.

Kylie Nguyen