The price of domestic petroleum decreased according to the price of world fuel; the decrease in the price of electricity and water due to low consumption demand in the rainy season were factors that made the consumer price index in November 2020 down 0.01% from the previous month, up 0.08% compared to December 2019 and up 1.48% over the same period last year. The average consumer price index of 11 months of 2020 increases by 3.51% over the same period last year[1].
In the decrease of 0.01% of the consumer price index (CPI) in November 2020 compared to the previous month, there were 3/11 groups of goods and services having decreased price indexes, of which transport group had the highest decrease of 0.47% due to the impact of 2 downward adjustments of petrol and oil price on October 27th, 2020, November 11st, 2020 and upward adjustments of petrol and oil price on November 26th, 2020, the petroleum price index decreased by 1.32% (making the overall CPI dropped by 0.05%), besides, price of new car declined by 0.08%, used car went down by 0.45% due to many attractive car discount packages offered by car dealers to raise consumer demand. Postal services and telecommunications decreased by 0.17% due to price of cell phone reduced; culture, entertainment and tourism group dropped by 0.06% due to domestic tourism demand stimulus programs offered by tourism companies[2]. Price index of seven groups increased: garments, hats and shoes grew by 0.14% due to the need to buy clothes and shoes when the weather changed; housing and construction materials increased by 0.07%, mainly due to the price of gas rose by 5.78% (making the overall CPI increase by 0.08%), prices of materials, housing maintenance grew by 0.17% and the price of oil increased by 1.37%, on the other hand, due to the impact of floods, the demand for using electricity decreased, causing the electricity’s price for living reduced by 2.27%; price of water for living declined by 0.5%. Beverage and tobacco increased by 0.06%[3]; food and catering services rose by 0.05% (of which, food rose by 0.59%[4]; foodstuff declined by 0.06%[5]); household appliances grew by 0.03% due to the increase in demand for household appliances for winter when the weather turns cold; medicine and medical service group grew by 0.01%; other goods and services increased by 0.12%. The education group remained unchanged.
CPI of November 2020 increased by 0.08% compared to December 2019 and by 1.48% over the same period last year; average CPI of 11 months in 2020 increased by 3.51% compared to the same period in 2019.
Core inflation in November 2020 increased by 0.03% over the previous month and increased by 1.61% over the same period last year. Average core inflation of 11 months of 2020 grew by 2.43% compared to the same period of 2019.
Domestic gold prices fluctuated in contrast with the world gold prices. The world gold price increased and decreased continuously due to the influence of the US presidential election and the positive news about Covid-19 vaccine of pharmaceutical companies Pfizer and Moderna. Average world gold price as of November 25th, 2020 decreased by 1.27% compared to October 2020. Domestically, when the world gold price fluctuates continuously with a strong amplitude, gold trading enterprises often set a high difference in buying and selling prices due to concerns about risks, so the domestic gold price was quite large difference with the world gold price after conversion (higher than after converting over 3 million VND/tael). Gold price index in November 2020 increased by 0.87% over the previous month; an increase of 32.04% compared to December 2019; increased by 31.57% over the same period last year.
The US dollar on world markets decreased slightly as the number of Covid-19 infections in the US increased. Domestically, the foreign currency reserve of the State Bank of Vietnam is abundant to meet the foreign currency demand of importing enterprises. The US dollar price index in November 2020 decreased by 0.05% over the previous month; went up by 0.14% compared to December 2019 and dropped by 0.05% over the same period of 2019.
[1] Average CPI growth rate in 11 months of period of 2016-2020 compared to the same period last year were: 2.47%; 3.61%; 3.59%; 2.57%; 3.51%, respectively.
[2] The price of package travel service decreased by 0.22%; the price of hotels and guest houses went down by 0.11%; the price of entertainment service declined by 0.04%.
[3] Of which: prices of alcohol of all kinds increased by 0.07%; tobacco increased by 0.11%; carbonated soft drinks rose 0.02%.
[4] Because the price of rice increased by 0.75% in order to prepare the source of export goods and serve the food reserve demand due to the prolonged storm and flood in the Central region.
[5] Mainly due to the price of pork decreased by 3.44%; price of processed products from pork decreased (price of roast meat, spring rolls decreased by 1.33%, price of animal organs decreased by 1.74%; pork fat reduced by 5.25%); prices of citrus fruits such as oranges, tangerines and grapefruit decreased by 3.32%; price of poultry meat declined by 0.86%.