Reasons for CPI and core inflation increase

On the morning of October 6, the General Statistics Office held a press conference to announce socio -economic statistics for the third quarter and the first nine months of this year.

Ms. Nguyen Thi Huong - Director of the General Statistics Office - said that in the first 9 months of this year, the gross domestic product (GDP) is estimated to increase by 7.85% over the same period last year, only lower than the growth rate of 9.44% in the same period in 2022 in the period 2011-2025.

In the service sector, domestic tourism increased sharply, especially during the period of many activities celebrating major national holidays, the growth of the trade and service sector was very prominent. This group contributed the most to the added value of the economy, nearly 51.6%,

In the industrial and construction sector, production of many key industries increased, making an important contribution to the overall growth of the entire economy. The added value of the entire industry in the first 9 months increased by 8.55% over the same period last year, contributing more than 35% to the growth rate of the total added value of the entire economy.

Although the agricultural, forestry and fishery sector has been adversely affected by storms and floods, thanks to timely implementation of measures to respond to and overcome the consequences of natural disasters, agricultural, forestry and fishery production has remained stable.

The added value of the agriculture, forestry and fishery sector increased by 3.83% in the first nine months, only lower than the growth rate of the same period in 2011, 2018 and 2021 in the 2011-2025 period.

GDP in the first 9 months increased by 7.85%, just below the 2022 record.

CPI in September increased by 0.42% compared to the previous month. Average CPI in the third quarter increased by 3.27% compared to the third quarter of 2024. On average, CPI in the first 9 months increased by 3.27% compared to the same period last year; core inflation increased by 3.19%.

In the 0.42% increase in CPI in September compared to the previous month, there were 10 groups of goods and services with price indexes increasing, while the price index of the culture, entertainment and tourism group decreased.

“Our country's socio-economic performance in the third quarter and the first nine months achieved very positive results, with each month being better than the previous month and each quarter being better than the previous quarter in the context of many uncertainties in the world and regional economy,” Ms. Huong commented.

The agriculture, forestry and fishery sector continues to be a strong pillar of the economy with stable growth, ensuring domestic supply of food, foodstuffs and essential goods and increasing exports; industrial production maintains growth.

The growth rate of investment capital implemented in the whole society is much higher than the same period last year. The average monthly income of workers increased, the unemployment rate and the underemployment rate among working age decreased; social security was given attention and implemented promptly and widely.

However, the Director of the General Statistics Office also emphasized that in the last three months of the year, the socio-economy continues to face many challenges due to the large openness of the economy, being affected by global fluctuations, epidemics and unpredictable natural disasters.

To achieve this year's growth target, the key solutions are: Steadfastly stabilizing the macro economy, accelerating public investment disbursement, attracting large and high-tech projects; promoting innovation, e-commerce, promoting exports, improving productivity in advantageous industries; focusing on disease safety, developing sustainable agriculture, innovating tourism products, ensuring social security and developing high-quality human resources. These are key tasks to both cope with difficulties and create a foundation for long-term growth.