Consumer price index, gold price index and US dollar price index in July and 7 months of 2024

Domestic gasoline prices increased according to world prices, domestic electricity demand increased, and health insurance premiums were adjusted according to the new base salary. These are the main reasons for the monthly consumer price index (CPI) July 2024 increase 0.48% compared to last month. Compared to December 2023, CPI in July increased by 1.89% and compared to the same period last year increased by 4.36%.

On average, in the seven months of 2024, CPI increased by 4.12% over the same period last year; core inflation increased by 2.73%.

In the 0.48% increase in CPI in July 2024 compared to the previous month, there were 10 groups of goods and services with increased price indexes; particularly, postal and communication groups have stable prices.

Ten groups of goods and services with increased price indexes include:

– Other consumer goods and services group increased by 3.77% mainly due to health insurance price increasing by 28.45% when the base salary was adjusted from 1.8 million VND/month to 2.34 million VND/month . Besides, the price of elderly care services increased by 2.5% compared to the previous month; watch and jewelry repair increased by 0.47%; body care products increased by 0.24%; environmental sanitation services increased by 0.3%. In the opposite direction, jewelry prices decreased by 0.44% according to domestic gold prices; electric appliances for personal care decreased by 0.08%.

– Transport group increased by 1.45% (making the general CPI increase by 0.14 percentage points), mainly due to: Diesel oil price increased by 4.07%; domestic gasoline prices increased by 3.55% due to the effects of adjustments price for the month. Passenger transport prices by air increased by 20.44%; railway increased by 4.4%; Passenger transport by road increased by 0.04%; combined passenger transport increased by 0.01% due to increased travel demand during the summer. Auto parts prices increased by 0.15%; bicycle tires and tubes increased by 0.31%; motorcycle tire prices increased by 0.09%. Vehicle maintenance service prices increased by 0.24%; self-driving car and motorbike rental fees increased by 0.15%; driver’s license fees increased by 0.17% due to high demand. Particularly, the price of vehicles decreased by 0.18% compared to the previous month, of which the price of new cars decreased by 0.25%; motorbikes decreased by 0.16%; used cars decreased by 0.03% due to automobile manufacturing and assembling businesses applying incentive programs to encourage and support consumers in purchasing cars.

– The group of housing, electricity, water, fuel and construction materials increased by 0.5% mainly due to the following reasons: Domestic electricity prices increased by 1.39%; Domestic water increased by 0.22%[1]. Kerosene prices increased by 4.02% due to the impact of price adjustments during the month; house rent increased by 0.2%; prices of housing maintenance materials increased by 0.08%. Gas prices alone decreased by 0.01% compared to last month because some stores reduced prices to stimulate consumer demand .

– The food and foodstuff service group increased by 0.26% (making the general CPI increase by 0.09 percentage points), of which: Food decreased 0.03%^[2]; foodstuff increased by 0.31%^[3]( making the general CPI to increase by 0.07 percentage points); Eating out at home increased by 0.25%^[4].

– Culture, entertainment and tourism group increased by 0.14%, of which the price of package travel services increased by 0.23%; guest houses and hotels increased by 0.43% because students had summer vacation in July, so travel demand from agencies, businesses and families increased.

– Medicines and health care services group increased by 0.13%, of which inpatient medical examination and treatment prices increased by 0.19%; outpatient medical examination and treatment services increased by 0.08%. The reason is that in July 2024, there will continue to be localities implementing new medical service prices according to Circular No. 22/2023/TT-BYT dated 17/11/2023 of the Ministry of Health regulating uniform service prices. Medical examination and treatment services covered by health insurance among hospitals of the same class nationwide and instructions on applying prices and payment of medical examination and treatment costs in some cases.

– Beverage and cigarette group increased by 0.11% due to increased consumer demand during hot weather, specifically: Price of carbonated beverages increased by 0.22%; fruit juice increased by 0.16%; all kinds of beer and bottled, canned, and canned energy drinks all increased by 0.08%; wine of all kinds increased slightly by 0.02%. Cigarette prices increased by 0.2% compared to the previous month.

– Household equipment and goods group increased by 0.07% due to increased labor costs. In particular, air conditioning repair services increased by 0.42% compared to the previous month; washing machine repair services increased by 0.31%; motor equipment repair increased by 0.12%; washing machines increased by 0.22%; beds, wardrobes, tables and chairs increased by 0.17%; waiter hiring increased by 0.16%. On the contrary, some items’ prices decreased compared to last month because many stores continued to apply shopping stimulus programs such as: Prices of egg beaters and multi-function mixers decreased by 1.28%; gas stove decreased by 0.32%; rice cookers decreased by 0.24%; printers, projectors, and scanners decreased by 0.23%; buffer decreased by 0.22%; bathroom water heater decreased by 0.17%; vacuum cleaners decreased by 0.15%.

– Garment, hat and footwear group increased by 0.03% due to increased transportation and labor costs. In particular, the price of shoe and sandals services increased by 0.37%; garment services increased by 0.21%; fabrics of all kinds increased by 0.19%; hat increased by 0.16%; footwear increased by 0.07%.

– Education group increased by 0.02%, of which paper product prices increased by 0.4%; writing pens of all kinds increased by 0.15%; textbooks increased by 0.05%.

Particularly, the postal and communication groups kept their prices stable because businesses and business establishments continued to carry out promotional programs and stimulate shopping demand. In particular, smart mobile phones and tablets decreased by 0.39% compared to the previous month; phone repair prices increased by 0.19%.

Core inflation[5] in July 2024 increased by 0.36% over the previous month, up 2.61% over the same period last year.

On average in the seven months of 2024, core inflation will increase by 2.73% over the same period in 2023, lower than the general average CPI (increased by 4.12%), mainly due to food and electricity prices. Activities, educational services, medical services and petroleum are factors that increase CPI but are in the group of goods excluded from the list of core inflation calculations.

 As of 24/7/2024, the average world gold price is at 2,383.17 USD/ounce, an increase of 1.49% compared to 7/2024. World gold prices increased as investors predicted that the US Federal Reserve (FED) would cut interest rates in 9/2024, along with the risk of geopolitical conflicts in the world also increasing demand hoard gold. Domestically, the gold price index in 7/2024 decreased by 0.12% compared to the previous month; an increase of 18.11% compared to 12/2023; increased 29.39% over the same period last year; on average in the seven months of 2024, the gold price index increased by 24.77%.

As of 24/7/2024, the US dollar index on the international market reached 104.61 points, down 0.24% compared to the previous month. Domestically, the average US dollar price on the free market fluctuates around 25,463 VND/USD. US dollar price index in July 2024 increased by 0.05% compared to the previous month; an increase of 4.22% compared to December 2023; increased 7.14% over the same period last year; the average increase in the seven months of 2024 is 5.85%.

[1] Other products because it is calculated based on revenue and consumption output of June 2024.

[2] The price index of the rice group decreased by 0.27% (Regular rice decreased by 0.27%; Delicious ordinary rice decreased by 0.28%; Sticky rice decreased by 0.12%) . On the contrary, some food items increased in July such as potato prices increased by 2.63%; corn increased by 1.68%; Wheat flour and noodles, noodles, pho, and instant porridge all increased by 0.42%; vermicelli increased by 0.32%; cornstarch increased by 0.27%; ready-to-eat cereals increased by 0.26%.

[3] Pork prices increased by 0.79%, accordingly, animal fat prices increased by 1.45%; Roasted meat and sausage increased by 0.49%; animal organs increased by 0.39%. Prices of fresh, dried and processed vegetables increased by 0.32%; fresh and dried herbs and spices increased by 1.19%; kohlrabi increased by 1.02%; Fresh and processed fruit prices increased by 0.33%; Prices of fresh eggs of all kinds increased by 1.99% and processed eggs increased by 0.31%; Spice prices increased by 0.5%; tea, coffee, cocoa increased by 0.42%; sugar and bile increased by 0.24%; cakes, jams, and candy increased by 0.12%; milk, butter, cheese increased by 0.11%. In addition to price increasing items, the price of fresh seafood in July 2024 decreased by 0.02% compared to the previous month, of which the price of fresh or chilled shrimp decreased by 0.84% due to shrimp being harvested and supply. cornucopia.

[4]  Due During the peak tourist month, many localities organize activities and programs to attract tourists, increasing the demand for eating out at home. In particular, the price of drinks outside the home increased by 0.32%; Eating out at home increased by 0.26%; takeaway fast food increased by 0.12%.

[5] CPI after excluding food, fresh food, energy and State-managed goods including health services and education.