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Inflation slows for third straight month in southern metro   2008-12-22 - Agencies

The consumer price index (CPI) in Ho Chi Minh City fell by 0.42 percent this month over November, making it the third consecutive month with a negative growth rate, says the local Statistics Department.


Do Quang Nam, head of the department, said compared with last year, the city’s CPI growth rate has reached 18.08 percent, about 1.38 percent a month on average against the 1.15 percent in 2007.

Prices of post and telecommunications services recorded the sharpest fall at 6.96 percent while the entertainment and tourism sector recorded the highest rise in prices at 2.79 percent.

Despite a 0.94 percent fall in fuel prices, food and beverage prices continued rising at 0.35 and 0.76 percent, respectively, directly affecting resident’s daily life.

Gold prices dropped by 0.6 percent while the US dollar value rose 1.68 percent against the dong.

The HCMC’s People’s Committee has asked nine food producers and retailers to store goods in a bid to stabilize market prices during the Tet (Lunar New Year) holiday.

In Hanoi, after jumping by one percent last month as the worst floods in 24 years swelled local food prices, the CPI dropped 1.3 percent over November.

Similar to HCMC, post and telecommunications charges in Hanoi made the steepest plunge, declining by 6.49 percent. Food and beverage prices fell by 1.58 percent.

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