Prepare a roadmap for adjusting prices of goods early to avoid being passive in policy implementation.

On the afternoon of January 23, Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management chaired a meeting on the results of price management work in 2023 and orientations for 2024.

Prepare early to adjust product prices to avoid delays in policy implementation. Figure 1 — Deputy Prime Minister Le Minh Khai - Head of the Steering Committee for Price Management chaired the meeting.

Average core inflation in 2023 increased by 4.16% compared to 2022

Presenting the report of the Ministry of Finance , Deputy Minister Le Tan Can said that the market price level in 2023 fluctuated upward at the beginning of the following year, then gradually decreased and increased slightly again in the fourth quarter. On average, in 2023, the CPI increased by 3.25% over the same period last year, within the inflation target set by the National Assembly and the Government.

The average core inflation in 2023 will increase by 4.16% compared to 2022, 0.91% higher than the average CPI increase, mainly due to a decrease in some items such as gasoline and gas prices, causing the general inflation to decrease, but they belong to the group of goods excluded from the core inflation calculation list. At the same time, some items that account for a large proportion in the core inflation calculation basket have a tendency to increase for a long time, such as "Rental housing", "Eating out"...

Based on the synthesis of information and updated forecasts of price trends of important essential commodities that are the focus of price management and operation in 2024, synthesizing assessment information from the Ministry of Planning and Investment and the State Bank on factors affecting inflation in 2024, the Steering Committee's Working Group proposed 3 inflation scenarios with forecasts of average CPI increases of 3.52%, 4.03% and 4.5%.

In his speech, Deputy Prime Minister Le Minh Khai, Head of the Steering Committee for Price Management, said that according to data from the General Statistics Office, the average consumer price index in 2023 increased by 3.25% over the same period last year within the inflation target set by the National Assembly and the Government. This result shows that price management is close to the actual situation and achieves the set target.

Prepare early to adjust product prices to avoid confusion in policy implementation, image 2 — View of the meeting.

Proactively and flexibly ensure good control of inflation according to the targets set by the National Assembly.

Deputy Prime Minister Le Minh Khai emphasized: To carry out the tasks set out by the National Assembly (GDP growth target of 6-6.5% and average consumer price index (CPI) growth rate of 4.0-4.5%), price management and operation in 2024 needs to continue to promote the achieved results, forecast the actual situation closely, implement proactively and flexibly, ensuring good control of inflation according to the targets set out by the National Assembly.

Deputy Prime Minister Le Minh Khai noted that from July 1, 2024, salaries will increase, in addition, credit growth targets will also increase, many unpredictable factors such as price fluctuations of some essential goods (gasoline, food, natural disasters, climate change)... therefore, it is necessary to forecast the actual situation closely, be extremely careful, not be subjective, to prepare appropriate, timely and effective price management and operation plans.

Regarding price management and administration in 2024, Deputy Prime Minister Le Minh Khai requested ministries, branches and localities to focus on and strengthen price management and administration during the Lunar New Year, strictly implementing Directive No. 26-CT/TW dated November 23, 2023 of the Secretariat on organizing the 2024 Lunar New Year and Directive No. 30/CT-TTg dated December 15, 2023 of the Prime Minister on strengthening measures to ensure a joyful, healthy, safe and economical Lunar New Year 2024.

Prepare early to adjust product prices to avoid delays in policy implementation. Figure 3 — Deputy Minister of Finance Le Tan Can presented the report.

Deputy Prime Minister Le Minh Khai requested ministries, branches and localities to be proactive in calculating and promptly preparing price plans and roadmaps for adjusting prices of goods to avoid being passive in policy implementation; coordinate with the General Statistics Office to assess the impact on CPI, thereby adjusting prices of State-managed goods according to their authority or submitting to competent authorities for consideration and decision on the level and timing of adjustment in accordance with market developments and price levels, ensuring the target of controlling inflation.

Ministries, branches and localities must ensure the supply and demand of essential goods, not allowing supply disruptions; promptly detecting and taking timely and effective measures to deal with unusual developments in the supply of goods. Proactively forecasting and having plans to ensure balance of supply and demand, especially in times when the market has high demand for essential goods such as gasoline, construction materials, food, pork and other fresh food products, agricultural supplies, transportation services, etc., not allowing shortages or interruptions in supply that cause sudden price increases.

The Deputy Prime Minister also requested ministries, branches and localities to flexibly and effectively use tools and measures to regulate prices in accordance with the law on prices to control and stabilize the market. Strengthen the effective implementation and supervision of price declaration and posting measures; publicize price information. Organize inspections and checks on compliance with the law on prices, and strictly handle violations of the law on prices.

The Ministry of Finance coordinates with ministries and branches to promptly develop and issue documents guiding the law on prices, avoiding legal gaps in price management and administration. The Ministry of Information and Communications and press agencies coordinate with ministries, branches and localities to continue to promote the implementation of information and propaganda work on price management and administration.

Along with that, ministries and branches closely coordinate with press agencies in providing accurate, official and timely information on the price situation of goods under their management to promptly convey to the people and control expected inflation.

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