Ho Chi Minh City’s consumer price index (CPI) in July 2012 is estimated to have declined by 0.57% from May, the municipal General Statistics Office (GSO) said.
This is the second straight month that the city saw negative on-month CPI figure as business activities slowed down, high inventory and low credit growth.
Ho Chi Minh City’s July CPI dragged the figure to +1.47% from December 2011 and 4.3% from July 2011.
Five out of the total 11 groups of goods comprising the index saw their prices fall in the month.
In the down side, prices of traffic fell 2.89% due to petrol price cuts in the month; prices of housing and construction materials ( including rent, electricity, water, water, fuel and construction materials) tumbled by 2.15% in the month due to slow down in the property market;
In the upside, prices of education posted the highest rise of 0.23%, the rest 4 groups saw small increases in prices.
It is forecasted that on-month CPI will rebound in the last months of the year as prices of electricity, healthcare services were adjusted up while inventory will also be cleared.
Not included in the CPI components, gold prices rose 0.43% on month in July and up 10.99% on year while U.S dollar prices fell 0.08% on month and up 1.26% on year.