Hanoi (VNA) – The average consumer price index(CPI) in the nine months of 2018 rose by 3.57 percent year on year, compared tothe 4.14-percent growth in the same period last year, according to the GeneralStatistics Office (GSO).

At a press conference on September 28, GSOGeneral Director Nguyen Bich Lam said CPI in September increased 0.59 percentfrom last month, 3.98 percent from the same period last year, and 3.2 percentfrom last December.

In the last three quarters, CPI gained 0.35percent month on month on average, but the pace slowed down to 0.04 percentbetween August and September when the eight-month and nine-month CPI growth was3.53 percent and 3.57 percent, respectively.

Lam said the CPI development so far this yearhas evidenced active moves taken by the Government, the steering board forprice management, ministries, sectors and localities to control prices.Therefore, the target of keeping this year’s inflation under 4 percent as setby the National Assembly is achievable.

However, there remain many risk factors from theinternational situation, including the US-China trade war, the politicaltension in the Middle East and the crisis in Turkey, which could affectdomestic prices in the remaining months of 2018.

He called on ministries, sectors and localitiesto keep a close watch on market fluctuations to suggest solutions to theGovernment and the steering board for price management to help controlinflation and stabilise the macro-economy.

Elaborating contributions to the nine-month CPIexpansion, the GSO’s Price Statistics Department noted price increases inhealth care and educational services, food, petrol, and house and householdappliance maintenance services. Higher travel demand during holidays alsoboosted prices in the tourism group.

The department said sectors and authorities atall levels have been taking actions to keep the CPI growth rate at less than 4percent this year. While the Ministry of Finance has enhanced monitoring pricemanagement, it has also coordinated with the Ministry of Industry and Trade toalign domestic petrol prices with the global market.

The State Bank of Vietnam has also persisted ina monetary policy aiming at ensuring the macroeconomic stability. As ofSeptember 24, the US Federal Reserve had raised interest rates twice, in Marchand June. As a result, the US dollar has appreciated against other currencies,and the VND/USD exchange rate has also tended to rise. 

However, by setting the daily reference exchangerate in comparison with eight major currencies, domestic USD prices are stillwithin the trading band of +/- 3 percent, the department said, adding that goldprices in the domestic market were in line with world prices.-VNA