The General Statistics Office’s report on January 6 showed that the consumer price index (CPI) in December 2024 increased by 0.29% compared to the previous month. Compared to December 2023, the CPI in December increased by 2.94%.

The reason for the increase is that some localities adjusted the price of medical services according to Circular No. 21/2024/TT-BYT, along with the increase in rental housing prices and gasoline prices, which pushed up the CPI in December.

The average CPI in the fourth quarter of 2024 increased by 2.87% compared to the fourth quarter of 2023. For the whole year of 2024, the CPI increased by 3.63% compared to the previous year, achieving the target set by the National Assembly.

In the 0.29% increase in the CPI in December 2024 compared to the previous month, there were 9 groups of goods and services with increased price indexes and 2 groups of goods with decreased price indexes.

Among the 9 groups of goods and services with price index increases, the group of medicines and medical services increased the most with 2.19%, in which the price index of the medical services group increased by 2.84% due to some localities adjusting the price of medical services according to the basic salary of 2,340,000 VND.

In addition, the weather is changing to winter, the temperature difference between day and night is large, so the flu and respiratory diseases increase, the demand for pain relievers, antipyretics, respiratory drugs, vitamins and minerals of the people increases.

Next is the transportation group, increasing by 0.57%, mainly due to the increased demand of people to travel at the end of the year, causing the price of passenger transport by rail to increase by 4.03%; passenger transport by air increased by 2.06%; passenger transport by taxi increased by 1.24%; passenger transport by bus increased by 0.16%; Road passenger transport increased by 0.11%; waterway passenger transport increased by 0.09%. Gasoline prices increased by 1.21%; lubricant prices increased by 0.16% according to price adjustments during the month; vehicle maintenance prices increased by 0.3%.

Housing, electricity, water, fuel and construction materials increased by 0.53%, mainly increasing prices in some items such as: House rental prices increased by 0.76% due to increased demand for renting apartments and boarding houses, in addition, high real estate prices in recent times have increased house rental prices; household electricity prices increased by 0.75% due to Vietnam Electricity Group (EVN) adjusting the average retail electricity price from October 11, 2024; house repair service prices increased by 0.44%; prices of other housing-related services increased by 0.12% due to increased demand at the end of the year; The price of housing maintenance materials increased by 0.11% due to the increase in cement and steel prices according to consumer demand.

The garment, hat and footwear group increased by 0.28% due to the increase in labor costs, material costs and shopping demand at the end of the year. Of which, the price of other garments increased by 0.44%; ready-made clothes increased by 0.39%; garment services increased by 0.29%; fabrics of all kinds increased by 0.26%; footwear and sandal services increased by 0.2%; hats increased by 0.17%…

The two groups of goods and services with price indexes decreased include: The postal and telecommunications group decreased by 0.03%; the food and catering services group decreased by 0.13%.

Also according to the General Statistics Office, the average CPI in the fourth quarter of 2024 increased by 2.87% over the same period last year. Of which: Other goods and services increased by 6.97%; medicine and medical services increased by 6.29%; housing, electricity, water, fuel and construction materials increased by 4.81%; food and catering services increased by 4.15%; beverages and tobacco increased by 2.33%; culture, entertainment and tourism increased by 2.20%; household appliances and equipment increased by 1.41%; clothing, hats and footwear increased by 1.14%; post and telecommunications decreased by 0.52%; education decreased by 0.81%; transportation decreased by 2.49%.

The average CPI in 2024 increased by 3.63% compared to 2023, below the target set by the National Assembly. According to the analysis of the General Statistics Office, the price index of the food and catering services group increased by 4.03% compared to the previous year, causing the overall CPI to increase by 1.35 percentage points.

The price index of the housing, electricity, water, fuel and construction materials group increased by 5.2% compared to the previous year, causing the overall CPI to increase by 0.98 percentage points, mainly due to the 7.68% increase in the household electricity price index due to increased electricity demand, along with EVN adjusting the average retail electricity price, causing the overall CPI to increase by 0.25 percentage points; the converted rental housing and owner-occupied housing price index increased by 4.6% due to increased rental demand, causing the CPI to increase by 0.48 percentage points. In addition, the domestic water price index in 2024 increased by 8.33% compared to the previous year.

The price index of the medicine and medical services group increased by 7.16%, causing the overall CPI to increase by 0.39 percentage points; the price index of the education group increased by 5.37%; the price index of the transportation group increased by 0.76%, causing the overall CPI to increase by 0.07 percentage points.

In addition, factors contributing to restraining the CPI growth rate in 2024 are: The price index of the postal and telecommunications group in 2024 decreased by 1.02% compared to 2023 due to the decrease in the price of old-generation phones when businesses applied discount programs to stimulate demand for smartphones.

The report also showed that core inflation in December 2024 increased by 0.25% compared to the previous month, up 2.85% compared to the same period last year. On average, core inflation in 2024 increased by 2.71% compared to 2023, lower than the average CPI increase (3.63%), mainly due to the prices of food, foodstuffs, electricity, education services, and medical services, which are factors affecting the CPI increase but are excluded from the list of goods calculated for core inflation.

According to the report of the General Statistics Office, domestic gold prices fluctuate in the same direction as world gold prices. The gold price index in December 2024 decreased by 1.38% compared to the previous month; increased by 31.07% compared to the same period last year. On average, the gold price index increased by 28.64% in 2024.

As of December 31, 2024, the US dollar price index in the international market reached 106.98 points, up 1.46% compared to the previous month. Domestically, the average US dollar price in the free market fluctuated around 25,488 VND/USD. The US dollar price index in December 2024 increased by 0.09% compared to the previous month; increased by 4.31% compared to the same period last year; the average in 2024 increased by 4.91%.

Source: VNECONOMY.VN