Tuition fees and rice prices cause CPI to increase

The consumer price index (CPI) in October increased by 0.08% due to some localities adjusting tuition fees and domestic rice prices increasing following exports.

Announcing data on October 29, the General Statistics Office said that the CPI in October increased by 0.08% compared to the previous month; increased by 3.59% compared to the same period last year. On average, the CPI increased by 3.2% over the 10 months, core inflation increased by 4.38%.

The reason for the CPI increase in October, according to the General Statistics Office, was due to the increase in education costs and rice prices. The education group had the highest increase in the month, in which the price of educational services increased by 2.54% due to some localities adjusting tuition fees for preschool and general education.

In general, in the basket of goods used to calculate the CPI, 9 groups of goods and services have increased in price. Only 2 groups have decreased: post and telecommunications - mainly due to the decrease in the group of telephone equipment; and transportation - due to the adjustment of gasoline and oil prices.

Also in October, domestic gold prices fluctuated in the opposite direction to world gold prices. As of October 25, the average world gold price was over 1,909 USD per ounce, down 2.1% compared to September due to the trend of the USD exchange rate and US Treasury bond yields increasing when the US Federal Reserve (Fed) maintained its stance of keeping interest rates high to pull inflation down to 2%.

Domestically, the gold price index in October increased by 0.92% over the previous month; increased by 8.28% over the same period last year; the average for the first 10 months of 2023 increased by 2.81%.

Regarding the USD price, the statistics agency said that the price of this currency is on an upward trend. On average, 1 USD is traded at around 24,582 VND in the domestic free market. The USD price index in October increased by 1.2% compared to the previous month; increased by 1.79% compared to the same period last year; the average increase in the first 10 months of 2023 was 2.24%.

Duc Minh

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