Inflation rises in January due to Tet effect

By Quynh Trang   January 29, 2023 | 05:57 pm PT
Inflation rises in January due to Tet effect
People shop for clothes in a supermarket in Hanoi on January 15, 2023. Photo by VnExpress/Ngoc Thanh
The Consumer Price Index rose by 4.89% year-on-year in January as many goods became costlier during Tet.

The effect was exaggerated by the fact last year Tet fell on February 1 and not in January, meaning prices remained low during the latter month.

Another reason is that fuel prices have been rising to catch up with global rates, and a doubling of environmental tax on fuel to VND2,000 ($0.085) this year also pushed up the CPI, the General Statistics Office said.

Eight items in the basket of goods and services that makes up the CPI saw prices increase including transportation, beverages, cigarettes and food-food services.

Education and property-construction prices moved in the opposite direction, however.

Trade declined by 25% year-on-year to $46.56 billion as the economy mostly shut down for the seven-day holiday.


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