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CPI to slow down between 1.5 -1.7% in remain months   2008-07-17 - VOV

Many economists shared their forecast on the expected consumer price index (CPI month on month) saying that they expected it to slow down to between 1.5 and 1.7 percent in the remaining months of the year against the current increase of over 2 percent month.

They exchanged their views at the seminar “Controlling Market and Price to Curb Inflation” organized by the Institute for Price and Market Research at a seminar on July 15.

During the first six months of this year, the average consumer price rose 2.86 percent per month, which is considered the highest in 16 years, said Nguyen Duc Thang, an official from the General Statistics Officer of Vietnam (GSO).

The problems in the domestic economy coupled with unfavourable impacts on the world economy have contributed to pushing up the CPI. The present inflationary situation is the result of a combination of “domino interaction” and psychological misgivings, he added.

The term “domino interaction” means that the rising prices lead to rising input costs which cause a spike in the prices of local commodities.

However, in the remaining months of this year, both global and local economies will see some optimistic signs indicated by the slow increase of CPI in June 2008 and growth rate of 6.5 percent in the first half of this year, Mr Thang elaborated.

Another official from the Institute for Price and Market Research, Pham Minh Thuy, shared Mr Thang’s views, adding that some countries like
China and the US were also influenced by the same elements like escalation of world prices, epidemic diseases, natural calamities and so on.

Mr Thuy also suggested that the Government should create more flexible management policies on oil and gas, in conformity with their ability to compensate losses of the State budget.

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