Yen Bai: Consumer Price Index Increases by 4.26% in the First 9 Months

Economy

Yen Bai: Consumer Price Index Increases by 4.26% in the First 9 Months

Friday, October 18, 2024

YBO - In the first nine months of 2024, Yen Bai's consumer price index (CPI) increased by 4.26% compared to the same period last year. The primary causes were fluctuations in domestic fuel prices in line with global fuel price trends, and the rising prices of food and agricultural products.

Prices of essential food and staple products increased due to the impact of Tropical Storm No. 3.

In September 2024, Yen Bai's CPI increased by 2.51%. Out of the 11 main consumer goods groups, prices increased in 9 groups and decreased in 2.

The rise in prices was attributed to several factors, including the impact of Typhoon No. 3, which caused an increase in the prices of essential food and agricultural products, higher electricity costs due to increased consumption during hot weather, and an increase in vocational school tuition fees following Decision 1463/QĐ-TCĐN on August 27, 2024, issued by Yen Bai Vocational College, setting new tuition rates for the 2024-2025 academic year. These factors all contributed to the rise in CPI for September.

Over the first nine months of 2024, the CPI increased by 4.26% compared to the same period last year. This was primarily due to fluctuations in domestic fuel prices in line with global trends, increases in food prices driven by export prices, and the rise in healthcare service fees, following adjustments in health insurance premiums in accordance with new base salary levels.

The groups with the highest price index increases in the first nine months of 2024 were: medicines and healthcare services, which increased by 9.4%. Housing, electricity, water, fuel, and construction materials saw a 7.34% rise compared to the same period last year due to rising construction material prices, domestic and global gas prices, and higher rental rates.

In addition, the alcoholic beverages and tobacco group increased by 6.58%, driven by higher input material costs. The miscellaneous goods and services group increased by 5.49%, mainly due to adjustments in health insurance premiums based on new base salary levels, increased jewelry prices in line with domestic and global gold prices, and higher costs for personal care and environmental sanitation services.

The food and dining services group saw a 4.78% increase, largely due to a 19.75% rise in rice prices following export trends, a 6.88% increase in pork prices, and higher prices for processed foods, spices, dairy products, butter, cheese, and confectionery, all driven by rising input costs.

The clothing, hats, and footwear group saw a 4.09% increase due to rising consumer demand and input material costs. The education group rose by 1.95%, with educational services increasing by 1.8%. Specifically, private preschool education saw a 4.69% rise, and vocational education grew by 6.98%, while secondary and college education increased by 1.06% compared to the same period last year.

The household appliances and equipment group rose by 1.72%, with the highest increase seen in domestic service fees, which surged by 11.65% due to higher labor costs.

The transportation group increased by 1.25%, mainly due to an 8.7% rise in vehicle maintenance services following the storms and a 13.53% rise in other personal vehicle-related services, with driving license training fees spiking by 21.28% compared to the previous year.

The culture, entertainment, and tourism group experienced a 0.58% increase, with guesthouse and hotel services rising by 5.58% and package tours increasing by 2.9% compared to the same period last year.

On the other hand, factors contributing to a reduction in the CPI over the past nine months include the postal and telecommunications group, which saw a 1.57% decrease. This was primarily due to price reductions in older generation phones, as businesses applied discount programs to stimulate demand for new smartphone models introduced after a while on the market.

Duc Toan

Other news

Yen Bai Among Four Provinces Effectively Disbursing Support for Housing for Poor Households

Poor households in Cao Pha commune, Mu Cang Chai district, are regularly supported, encouraged, and assisted by local authorities during the housing construction process.

Since 2023, Yen Bai province has supported the construction of new and repaired 2,950 out of 3,022 houses, achieving 98% of the set plan. Specifically, nearly 1,600 houses were built in 2023, and in 2024, the goal is to construct over 1,400 houses, completing the objectives of the housing support project for the poor one year ahead of schedule.

Restoring Aquaculture After Natural Disasters

In Minh Quan Commune, Tran Yen District, residents have been clearing irrigation canals and cleaning their fish ponds in preparation for restocking.

The impact of Typhoon No. 3's tropical cyclone has caused over 1,000 hectares of aquaculture in Yen Bai Province to be flooded, breached, and have dike breaks; nearly 300 fish cages were affected, with estimated damages of about 41.5 billion VND.

Opportunities for forest carbon credit exports

Thanks to effective forest protection and development, particularly large timber plantations meeting FSC standards, Na Hau Nature Reserve in the northern mountainous province of Yen Bai now meets the criteria for exporting carbon credits, promising significant future revenue for the state.

Yen Bai province promotes trade with RoK

Nguyen Thi Khuyen, Director of Nasaki Vietnam Co., Ltd., introduces its tile products to foreign partners.

Enterprises in Vietnam in general and Yen Bai province in particular are enhancing their trade cooperation with the Republic of Korea (RoK).

Economy