The GSO defined several factors contributing to the CPI growth, which included the respective annual 4% and 5.51% increases of the price indexes for the groups of food and food services as well as of housing, electricity, water, fuel, and construction materials.

Meanwhile, household electricity prices jumped 9.45% due to higher demand and adjustments in the average retail price of electricity by the Vietnam Electricity (EVN) group in 2023.

The price indexes for the education group rose by 8.58% as a result of higher tuition fees in some localities during the 2023-2024 academic year, and that for medicines and healthcare services grew 7.07% following adjustments in healthcare service fees.

In contrast, the index for the postal and telecommunications group decreased by 1.41% year-on-year, as the prices of older generation phones dropped when businesses applied discount programmes to promote smart phones in the market.

The GSO largely attributed the growth of core inflation to rising costs of food, electricity, education, and healthcare services, which are excluded from its calculation.

Recently, the Government and the Prime Minister have directed ministries, sectors, and localities to implement various measures to resolve difficulties, promote growth, maintain macroeconomic stability, control inflation, and closely monitor the supply-demand and prices of essential goods to implement appropriate measures, said GSO General Director Nguyen Thi Huong.

Consequently, no unusual price fluctuations were recorded, and inflation remained under control, she noted.